Pakistan's Economy - News and Updates

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Fruity delight: Pakistani mangoes popular in Kashmir

Mangos received from Pakistan in trade across the Line of Control (LoC) are selling like hot cake due to the high quality of the fruit, Cross-LoC Traders’ Association President Pawan Anand has said in an interview to the Kashmir Media Service.

He said the mangos had reached markets after the local mango season was over, but were still selling at a considerably high price of 80 Indian Rupees per kilogramme.

Bhola Ram, a local fruit vender in Rajouri, said “We earn a handsome amount by selling these mangos, as people are eager to buy these without much bargaining.” While talking to the press, the Cross-LoC Traders’ Association president also expressed his concern over the decline in traded items.

Fruity delight: Pakistani mangoes popular in Kashmir – The Express Tribune

 

[Introvert]

48-member Malaysian delegation to attend Expo Pakistan

ISLAMABAD - A 48-member strong delegation of Malaysian entrepreneurs and businessmen is scheduled to attend the 7th edition of Expo Pakistan to be held in Karachi from October 4-7.
“The participation of such a large delegation from Malaysia which had the largest foreign representation in Expo Pakistan last year as well, is a clear manifestation of the trust and confidence the Malaysian business community has in the Pakistani market and I am sure the visit would pave way for more business matchmakings and economic collaborations,” said Acting High Commissioner for Pakistan to Malaysia Mohammad Nadeem Khan while addressing a pre-visit briefing arranged by the Commercial Section of the Mission for the Malaysian delegates here in Kuala Lumpur. Nadeem told the Malaysian delegates that the Expo Pakistan 2012, held every year at Karachi Expo Center, was “the premier trade fair in Pakistan, which showcased Pakistan’s trade and manufacturing potential”.

48-member Malaysian delegation to attend Expo Pakistan | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia

 

[Introvert]

Pakistan’s exports to Malaysia jump from $125m to $257m

ISLAMABAD – A 48-member strong delegation of Malaysian entrepreneurs and businessmen is set to attend the 7th edition of Expo Pakistan to be held in Karachi on 4-7 October 2012. “The participation of such a large delegation from Malaysia which had the largest foreign representation in Expo Pakistan last year as well, is a clear manifestation of the trust and confidence the Malaysian business community has in the Pakistani market and I am sure the visit would pave way for more business matchmakings and economic collaborations,” said Mohammad Nadeem Khan, Acting High Commissioner for Pakistan to Malaysia, while addressing a pre-visit briefing arranged by the Commercial Section of the Mission for the Malaysian delegates here in Kuala Lumpur. Mr. Nadeem told the Malaysian delegates that the Expo Pakistan 2012, held every year at Karachi Expo Center, was “the premier trade fair in Pakistan, which showcases Pakistan’s trade and manufacturing potential”. The event which started in 2005 has now transformed into a mega event and offers an opportunity for the businessmen across the world to meet each other and avail best opportunities, he said. He disclosed that interfacing of businessmen participating in last year’s event had resulted in concluding business deals worth US$518 million as compared to $80 million in the preceding year. As a result of the Expo Pakistan last year, 70 MoUs were signed between counterparts associations & chambers while over 600 buyers from 52 countries participated in the event which also drew in excess of 11,000 business visitors to 300 stalls spread over five halls. Dilating upon the bilateral trade ties between Pakistan and Malaysia, Mr. Nadeem Khan said both Pakistan and Malaysia had signed a Free Trade Agreement which had been operational since January 2008. The FTA was Pakistan’s first comprehensive agreement encompassing trade in goods, services, investment and economic cooperation. “This Agreement is a timely initiative by both the governments to deepen existing economic and trade relations between them ...it provides market access to a number of items originating in both countries and allows the private sector to explore long-term and sustainable trade and investment opportunities,” he said. He pointed out that since the implementation of FTA, bilateral trade had witnessed a steady increase. In 2008, our bilateral trade was US$ 1.8 billion, which has now increased to US$ 2.8 billion. “Pakistan’s exports to Malaysia jumped from US$ 125 million to US $ 257 million, whereas imports increased from US$ 1.7 billion to US$ 2.5 billion,” he said, adding “the increase in bilateral trade may be a source of satisfaction but we believe it is still much below the potential of both countries and more needs to be done to take it to the desired level”. The Acting HC also touched on Pakistan’s trade deficit with Malaysia which had also increased after the implementation of the FTA. “At the time of the signing of the Agreement, our deficit was $ 1.6 billion, which has now jumped to almost US $2.5 billion,” he said, adding “the main reason for this growing deficit is the increased imports of palm products, for which we have provided enhanced market access to Malaysia”. He said Pakistan was the world’s second largest importer of palm oil after China. “However, there is a need to restore the balance of trade by offering Malaysian Government to import more rice and beef from Pakistan .. their annual imports have been growing over the years placing Pakistan in a position to bridge the gap between their supply and demand,” he added. Nadeem Khan urged the Malaysian businessmen to use the occasion of Expo to explore Pakistan and see for themselves the opportunities for trade and investment in Pakistan. “I may go on extolling the virtues of trading with Pakistan, but you won’t be convinced unless you see the things for yourself,” he said, urging the delegates to approach Pakistan with an open mind and not let yourself be influenced by negative propaganda fed by the western media. He said “there are a number of multinational companies which had done very well in Pakistan and I am sure you will also get a good value for your money”. “I would urge all of you to take maximum advantage of this opportunity to know more about Pakistan and Pakistani products,” he added. Later, Pakistan Commercial Counselor Mr. Wajihullah Kundi briefed the delegates on the arrangements made by Trade Development Authority of Pakistan, the organizer of Expo Pakistan, on providing a business-friendly atmosphere to the Expo delegates. He thanked the Malaysian delegates for their interest in attending the Expo Pakistan, and particularly singled out those who were attending the event for the second consecutive year.

Pakistan

 

[Introvert]

Kingdom-Pakistan trade surged to SR 18 bn in 2011

ISLAMABAD: ARAB NEWS

Thursday 27 September 2012

Trade exchange between Saudi Arabia and Pakistan rose 31 percent to SR 18 billion in 2011 compared to the previous year, Commerce and Industry Minister Tawfiq Al-Rabiah announced yesterday. Addressing the Saudi-Pakistani Joint Commission, he expressed his optimism that the meeting would boost commercial and economic relations between the two OIC countries. He urged Saudi and Pakistani businessmen and women to make use of the huge investment opportunities in both countries.
"We have to work together to mobilize our untapped potentials in various sectors including trade, investment and information technology for the welfare and progress of people in our countries," the Saudi minister said. He said Saudi and Pakistan businessmen could play a big role in accelerating the economic progress of their countries by entering into joint ventures in vital sectors, making use of incentives offered by governments.
Al-Rabiah underscored the deep-rooted relations between Saudi Arabia and Pakistan and thanked Islamabad for hosting the commission's 9th meeting. Pakistan's Commerce Minister Amin Fahim led his country's delegation during the talks.
Al-Rabiah commended the contribution of more than a million Pakistani expatriate workers to the Kingdom's development. "We receive about 200,000 Haj pilgrims and 500,000 Umrah pilgrims from Pakistan every year."
The Saudi minister arrived here last night at the head of a large business delegation. During the commission meeting, Pakistan will seek Saudi support to finalize Pak-Gulf Cooperation Council negotiations on free trade agreement and investments in various sectors.
According to informed sources, the two sides would take up issues ranging from trade to investment and cooperation in energy during the two-day Islamabad talks.
The discussions will also cover cooperation in banking, industry, investment, power sector, energy, petroleum products and infrastructure, one source said.

Pakistan and Saudi Arabia enjoy excellent relations. The close geographical proximity, historic trade ties, religious affinity and the complementary nature of economic needs have created a strong bondage of trust between the two countries. In addition, there is a convergence of views and interests of the two countries on most of the regional and international issues. In the trade sector, Pakistan and Saudi Arabia maintain good relations that are improving with the passage of time. The Kingdom is among the top 15 major export destinations of Pakistan. Saudi-Pak annual bilateral trade stands at nearly $ 5 billion. Major items of exports from Pakistan to Saudi Arabia include raw cotton, cotton yarn, cotton cloth, readymade garments, bed linen, towels, tents and canvas, art silk and synthetic textiles, leather garments, furniture, carpets and rugs, footwear, sports goods and surgical goods, rice, fish, fruits, vegetables, spices, biscuits, jams, and juices.

Pakistan imports petroleum from Saudi Arabia. Other imports from Saudi Arabia include petrochemicals, organic chemical products, plastic and plastic products, fertilizers, steel products, electrical equipment and materials, raw skins, tanned leather, boilers and heavy equipment, copper and copper products, aluminum and aluminum products, chemicals (in-organic), components, precious metals, steel castings, tractors and other floor coverings of man-made fibers, various chemical products, rubber and rubber products.

There are more than 350 Pakistani investors in the Kingdom who have obtained licenses from Saudi Arabian General Investment Authority (SAGIA) and have established companies in various fields of construction and services.

Major joint venture investments both in Saudi Arabia and Pakistan include companies like HUBCO, Pak Electron, Attock Cement, National Tiles and Ceramics, Saudi-Pak Industrial and Agricultural Investment Company, Prime Commercial Bank, Falcon Cement, Attock Oil Refinery, Pak-Arab Refinery, Pakistan Cables Limited, Faisal Islamic Bank, Sanaullah Woolen Mills, Al-Dahlawi Sana Co. for manufacturing Surgical Strings, National Fabric Products Factory, United Spinning & Textile Factories Co., Al-Olyan Descon Engineering Co.

Kingdom-Pakistan trade surged to SR 18 bn in 2011 | ArabNews

 

[Introvert]

Korea for further expanding ties with Pakistan

KARACHI: Korea is keenly looking forward to further expansion of its relations with Pakistan.

This was said by Consul General of the Republic of Korea in Karachi, Ki Lee, at a reception hosted by him to celebrate the National Day of Korea on Wednesday evening.

Lee said that Pakistan was well-known to the Korean people as the home of the Indus civilization and a long history of culture spread over thousands of years as well as being the birth place of Buddhism.

He said, to further introduce Korea in Pakistan, a Korean food festival will be held in November and a music festival will also be organized later.

The Korean diplomat said that many Korean corporations were working in Pakistan and that his country was helping to improve Pakistan's economy.

He concluded by saying Korea would always stand by the Pakistani people in their difficult times.

Sindh Assembly Speaker Nisar Khuhro who was chief guest at the reception said Korea had done wonders in the world and had traveled a long way on the path to development.

He said Pakistan could learn a lot from Korea in this respect and benefit from the Korean experience.

Khuhro said Korea can help Pakistan in many sectors and they would find the Pakistani people resilient and willing to work hard to change their fortunes. He added that the Pakistani people appreciated and welcomed the Korean efforts to support Pakistan's efforts to improve its economy.

Federal Minister Dr Farooq Sattar said on behalf of the people and government of Pakistan that he wished the Korean people a happy National Foundation Day.

He added that Pakistan had a great future ahead which could be further enhanced if they followed Korea's example in improving the economy.

Korea for further expanding ties with Pakistan

 

[Introvert]

Pakistan, Sri Lanka trade crosses $400mn: envoy

KARACHI: Pakistan- Sri Lanka trade has more than doubled in the last few years to $ 400, but potential exists to take it much higher.

This was said by Sri Lankan Consul General in Karachi, D.W. Jinadasa, at a reception hosted by President Pakistan-Sri Lanka Business Forum, Tarek Moinuddin Khan, in honour of the 18-member delegation visiting Karachi to participate in the 7th Expo Pakistan Exhibition.

Jinadasa said Sri Lanka was a growing market with great potential and invited Pakistani businessmen to explore the opportunities presented by Sri Lanka.

He added the Sri Lankan people had great regard for Pakistanis and considered them close friends.

The Sri Lankan diplomat said of late there had been renewed interest shown by Pakistani businessmen in tourism industry and real estate development.

President Pakistan-Sri Lanka Business Forum, Tarek Moinuddin Khan, welcomed the Sri Lankan delegation and said much more can be done to reflect the close relations between the two countries.

He added that trade relations between the two countries would continue to improve.

Leader of the Sri Lankan delegation, Rohitha Thilakaratne, said he was happy to be in Pakistan once again, and the 18 members of his delegation were here to promote bilateral trade besides developing staunch economic and social links.

Thilakaratne said the delegation was showcasing food, spices, coconut products besides industrial material and rubber tyres.

He said more than 25 Pakistani companies were operating in Sri Lanka.

http://www.brecorder.com/pakistan/b...tan-sri-lanka-trade-crosses-400mn-envoy-.html

 

[Introvert]

Govt to pursue China for duty-free carpet export

LAHORE - Federal Textile Minister Makhdoom Shehabuddin has said that the government will provide all out support to carpet industry with a view to enhance export.He was speaking at an opening ceremony of the three-day Carpet Exhibition organised by the Pakistan Carpet Manufacturers & Exporters Association here at Expo Centre on Sunday. Besides PCEMA Vice Chairman North Muhammad Saeed Khan, Exhibition chief coordinator Aslam Tahir, Association’s former chiefs, including Maj (r) Akhtar Nazir Cooki, Sheikh Khalid Saeed and Mian Javedur Rehman also spoke on the occasion.The federal minister said that the Carpet Exhibition is a step in right direction to promote trade and economy. He said that government has taken many business friendly initiatives to attract foreign investment. He said the government also offers lucrative investment opportunities for local investors.Pakistan has to make an extra effort in promoting exports by arranging trade fairs and exhibitions, he emphasised. He said the stability of our economy will help us to overcome many challenges facing our country particularly war against terrorism.World considers wrongly that insurgency is spreading across the country in Pakistan while fact is that it is limited to less than one per cent area of the land. He said Islam is a religion of peace and preaches the lesson of harmony. Responding to questions of media after his address, Makhdoom Shahab disclosed in a satirical way that he was intentionally caught in ephedrine case by his ‘well-wishers’ just to keep him out from prime ministership. To another question, the federal minister said that government is all along with the carpet industry and pursue the Chinese authorities to exempt the Pakistani handmade carpets from import duty, bringing it under zero-rated in China.He asked the Pakistani business community to take full advantage of the entry got in Chinese handmade carpet sector.“Instead of looking towards United States and European Union the Pakistani exporters should now focus on China to take trade relations to a new height by aggressively exploring opportunities for joint ventures in various sectors including hand-knotted carpets.”He said the economy of the country is growing at a fast pace and we need trade rather than aid for further stabilising our economy. Earlier, PCMEA Chairman Shahid Rasheed Malik observed that that Pakistan’s carpet export to Europe and China was declined by over 55 per cent which can be compensated by export to China, where this handmade product is in great demand. He said that Commerce as well as Textile Ministry and TDAP have also realised the importance of this point.Demanding special initiatives, he asked the government to finance the carpet industry to open warehouses and retail outlets abroad including China.PCMEA leaders including Akhtar Nazir Cooki, Sheikh Khalid Shaeed and Mian Javedur Rehman said, presently, China is the largest carpet buyer of Pakistan, as over 900,000 feet record size of handmade carpet was sold in a single Pakistani exhibition in China.We are struggling for the enhancement of Pakistani carpet export to China, they maintained. They stated that China, Dubai and Germany are the classic examples of well organised international trade fairs/centers, where businessmen from all over the world used to attend.In order to strengthen the efforts to promote Pakistan’s cultural heritage, the Government must allocate substantial amount from its annual development budget (PSDP) for promotion of carpet industry, they opined. They said that carpet exhibition could help put the economy on track because fairs were the key to exhibit the untapped potentials of Pakistan and to introduce Pakistan’s products in the world market.They said that the Carpet Show 2012 has become the largest showcase of Pakistan’s handmade carpets. The event is being visited by a large number of buyers from across the world while over 50 national manufacturers have also displayed their products in the exhibition.

Govt to pursue China for duty-free carpet export | The Nation

 

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Italian Chamber to set up offices in Pakistan by year-end

LAHORE: The Italian Chamber of Commerce will start working in Pakistan by the end of this year and initially it will set up its office in Karachi while other chapters will be established later in cities like Lahore, Italy’s Ambassador to Pakistan Adriano Chiodi Cianfarani has announced.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, the ambassador said the Italian Chamber offices were being set up in Pakistan to promote trade and economic activities between the two countries.

He pointed out that a number of leading Italian oil and energy companies were operating in Pakistan and more would soon be putting their money here. “Italy would like to cooperate with Pakistan in renewable energy, especially solar energy, as it has been cooperating with other countries in this field,” he stressed.

Underlining the need for frequent exchange of trade delegations for promotion of trade and investment, Cianfarani said a big Italian trade delegation would soon visit Pakistan to have first-hand knowledge about available opportunities.Italy, a major export market of Pakistan in Europe, comes third in terms of trade with Pakistan. Germany and the UK hold the first and second positions whereas France is at fourth.

Average bilateral trade between Pakistan and Italy stood around $1.2 billion from 2009-2011 and has been in favour of Pakistan for the last two years. In 2011, Pakistan’s exports to Italy accounted for 3.1% of total exports, standing at $777 million. Italy has supported Pakistan’s bid for a free trade agreement with the European Union. It is because of such support that from January 2014, Pakistan will begin drawing benefits of Generalised System of Preferences-plus status.

Speaking on the occasion, LCCI President Farooq Iftikhar invited Italian investment in the energy sector, describing it as one of the most lucrative areas for foreign investors. “Pakistan is in dire need of foreign investment in the energy sector, which will give rich dividends,” he said.

Iftikhar highlighted the export potential of Pakistan’s quality fashion garments particularly those made of finest leather, sports goods, etc. Likewise, Pakistan can supply organic as well as inorganic fresh fruits and vegetables.

He suggested that both sides should aim to double trade figures by 2015 with the help of efforts from the public and private sectors. In this regard, the two countries should work together to organise catalogue exhibitions, exchange trade information and organise visits of trade delegations on a reciprocal basis.

Italian Chamber to set up offices in Pakistan by year-end – The Express Tribune

 

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Iran-Pakistan trade to hit $3 billion

TEHRAN - Iran-Pakistan trade targeted to hit dollars three billion a year, Deputy head of Foreign Trade Development Houshang Rezaie Tamrin said on Tuesday.
Tamrin told IRNA that Iran-Pakistan currently stands at less than one billion dollars and planning has been made to augment the figure to three billion dollars in light of abundant opportunities in the field of trade and economic cooperation.
He said common geographical borders as well as religious affinities are among other factors which give impetus to enhance level of trade.
He added that specialized meetings, to be organized by the two sides, would help upgrade knowledge of the two countries’ traders about the grounds for economic cooperation.
He noted that a trade delegation will soon be dispatched to Pakistan later this year for the purpose.

Iran-Pakistan trade to hit $13 billion | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia

 

[luckycharm]

Happy to see Pakistan building its trade agreements with Iran, India and Sri Lanka... this is the way forward to go

 

[Introvert]

Pakistan, Bosnia agree to promote bilateral ties

ISLAMABAD: Pakistan and Bosnia on Tuesday agreed to enhance bilateral ties in various fields, especially defence, trade and investment with promoting exchange of visits at various levels between the two countries.

President Asif Ali Zardari and his Bosnian counterpart Bakir Izetbegovic addressing a joint press conference following talks at the Presidency said both countries agreed there was great potential to be explored to enhance bilateral trade and cooperation in various fields, including defence, energy and trade.

President Zardari said, "We agree that there is great goodwill in the hearts of the people of our two countries that will help in further increasing relations." He said there was also a need to transform the goodwill into concrete cooperation.

Zardari said, "We appreciate the interest of Bosnian University of the Presidency to explore possibilities for cooperation in the educational field." He said both the presidents discussed global issues of common concern, including terrorism, extremism and narcotics.

Referring to cooperation in trade, the president said an MoU had been singed between the Foreign Trade Agency of Bosnia and the Federation of Pakistan Chambers of Commerce and Industries. He said, "We hope that Preferential Trade Agreement (PTA) being negotiated between the two countries would also be finalised soon. The second round in these negotiations is expected to be held later this month."

Bosnian President Izetbegovic, while replying to a question, said Bosnia and Pakistan could cooperate in the energy and banking sector also to promote trade and economic activities.

President Zardari during his one-on-one meeting with President Izetbegovic said Pakistan valued its relations with Bosnia and Herzegovina and called for further strengthening cooperation between the two countries in all fields, especially economic and commercial realm. The president assured his Bosnian counterpart of all-out support and cooperation of Pakistan's government in boosting bilateral trade ties. The two leaders shared common concerns on terrorism and extremism and agreed on increased sharing of intelligence between the two countries in this regard. President Zardari reiterated that militancy and heroin were nurtured by the international community as a war weapon and called upon the world to share responsibility and come forward to help Pakistan in curbing militancy and narcotics in the region.

Commenting on defence ties between the two countries, the president valued bilateral cooperation and understanding in defence field and asked for further enhancing defence cooperation. He termed the signing of an MoU in defence cooperation between the two countries a significant step.

Pakistan, Bosnia agree to promote bilateral ties - PakTribune

 

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Pakistan, Afghan trade reaches $1.5b

Kabul—Balance of trade between Afghanistan and Pakistan has reached one and a half billion US dollars.

This was revealed by Khanjan Alekozai deputy chairman of the chambers of commerce and industries of Afghanistan and deputy head of joint chambers of Afghanistan and Pakistan in a joint meeting of the Afghan and Pakistan traders held in Kabul, reported BNA news agency.

The aim of the meeting was to seek ways for overcoming the problems of traders’ further expansion of trade and economic relations between Afghanistan and Pakistan.

At the start of the meeting Khanjan Alekozai deputy chairman of the chambers of commerce and industries of Afghanistan and deputy head of joint chambers of Afghanistan and Pakistan said that the balance of trade between Afghanistan and Pakistan reaches one and half billion US dollars, the major portion of which is import of Pakistan goods to Afghanistan and Afghanistan’s exports makes around USD 200 million.

Zabeer Motiwal head of the delegation and chairman of the chambers of commerce of Pakistan talked of the trade facilities for foreign investments in Afghanistan and added that the Pakistan traders and investors are prepared to jointly and individually invest in Afghanistan.

He added that the present problems in trade sphere can be resolved by the government authorities.

Muzamel Shinwari deputy minister for trade of the commerce and industries said that the ministry of commerce and industries supports the activities of joint chambers of commerce of Afghanistan and Pakistan and is prepared to solve the problems of the traders with the government authorities of the two countries.

At the end of the meeting the 35-member Pakistan delegation were divided in several parts and discussed with the Afghan traders about trade in carpets spheres, pharmaceutical, fresh and dry fruits, precious and semi-precious stones, construction materials, food and marble stone.

Pakistan, Afghan trade reaches $1.5b

 

[Abu Zolfiqar]

would be interesting to quantify 'unofficial/undocumented/informal' trade between Pakistan-Afgh.

(easier said than done)

 

[Introvert]

Japanese companies keen to invest in Pakistan

ISLAMABAD: Japan on Tuesday termed Pakistan investment policy as best in the region and said Pak-Japan Bilateral Investment Treaty would help encourage Japanese investment in Pakistan.

ISLAMABAD: Japan on Tuesday termed Pakistan investment policy as best in the region and said Pak-Japan Bilateral Investment Treaty would help encourage Japanese investment in Pakistan.

Pakistan would be future investment destination in the region, as positively changed perception would help Japanese companies to benefit from incentives available for the foreign investors.

It also demanded to ensure improvement in law and order situation, infrastructure and consistency of policies to attract Japanese investment in Pakistan.

The Japanese business and investment delegation also had meetings with senior officials from the Ministry of Commerce and the Board of Investment and other relevant authorities to learn about trade policy and the government incentives for foreign business and investment. More than 30 Japanese business people took part in these occasions.

After concluding meetings at federal capital on Tuesday, Daisuke Hiratusska, Executive Vice President Japan External Trade Organisation (JETRO) said that this visit of Japanese delegation was unique in nature so as to as to change the perception of Japanese companies about Pakistan. Before the Japanese investors thought Pakistan as dangerous country for investment, however, now they have found this perception as totally in correct and the members of the delegation would be telling their business friends in Pakistan about huge potential and investment friendly policies of Pakistan.

He said Pakistan's population was growing and very good geographic location of the country would help attract investment as there would be human resource availability for the economic development and new investors would be more than willing to utilise local less expansive manpower for expansion in their production base in Pakistan.

In auto sector policy, he termed allowing 5 years old and used cars might be useful for consumers but this policy was harmful for the existing local auto industry and if the existing players were protected than new auto sector players would be coming in to Pakistan especially the venders.

He informed three major players in auto sector like Suzuki, Honda and Toyota were not happy on changes in auto sector policies in recent years.

He also desired interest rate should be brought down to single digit as it would increase buying power and help consumers to benefit from car financing schemes offered by banks.

At present Pakistan and Japan has inked Avoidance of Double Taxation Agreement and Protection of Investment Agreement, there is no Bilateral Investment Treaty between the two countries and incase, governments of Pakistan and Japan ink BIT it would surely help encourage Japanese investment in Pakistan. The delegation consists of representatives from Japanese companies in a wide range of sectors, including mining, manufacturing, trading and banking.

One of the focuses of the government of Japan in the 60th anniversary of diplomatic relations has been promoting trade with and investment in Pakistan.

Delegation also visited Karachi and the Expo-Pakistan and the National Industrial Park. They had an opportunity to network with the members of the Pakistan Business Council, the Pakistan Japan Business Forum and other major enterprises.

Japanese companies keen to invest in Pakistan Pakistan Business

 

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Sri Lanka invites Pakistani investors for joint ventures

ISLAMABAD: Sri Lanka has invited Pakistani pharma investors to explore possibilities of establishing joint ventures in Pharmaceutical industry in Sri Lanka.

"Sri Lanka is planning to set up an Industrial Park for pharmaceutical industry and Pakistani pharma investors should explore possibilities of establishing joint ventures in that facility in Sri Lanka", Rohita Thilakaratne, President, Pak-Sri Lanka Business Council said during his visit to Islamabad Chamber of Commerce here on Wednesday.

Rohita Thilakaratne who was accompanied by Air Chief Marshal (Rtd.) Jayalath Weerakkody, High Commissioner of Sri Lanka exchanged views with business community of the capital on prospects of further improving trade and economic relations between the two countries.

He said that textiles and tourism were also potential areas of cooperation between the two countries as tourism was one of the fastest growing sectors in Sri Lanka.

Sri Lanka also offers cheap and well trained manpower, which could be an additional advantage for Pakistani investors.

Thilakaratne said that by making investment in Sri Lanka, Pakistani entrepreneurs would be able to export their products to huge Indian market and earn substantial profit as Sri Lanka and India were exchanging 110 flights in a week.

Jayalath Weerakkody informed that presently there were only 7 flights from Karachi to Colombo every week and Sri Lanka was planning to start 3 flights every week from Lahore to Colombo to facilitate trade promotion.

Speaking on the occasion, Mr. Zafar Bakhtawari, President, ICCI said that bilateral trade between Pakistan and Sri Lanka was still below half a billion US dollars, which was quite low than the available potential.

He said that both countries should accelerate efforts to take bilateral trade to at least US$ 1 billion.

He said the two countries have the ability to complement each other's economy and stressed that frequent exchange of trade delegation should be encouraged to connect private sectors for exploring new areas of mutual cooperation.

Zafar Bakhtawari suggested that Pakistan and Sri Lanka should enhance the frequency of air flights and proposed that there should be at least one flight from Islamabad to Colombo per week to establish direct air links between the two capitals.

He stressed that the trade promotion agencies of both countries should facilitate businessmen in holding single country exhibitions in each other country to improve trade.

He also announced sending a business delegation led by Sheikh Amir Waheed, Executive Member of ICCI to Sri Lanka in February 2013 to explore new business opportunities between the two countries.

Sri Lanka invites Pakistani investors for joint ventures