Spanish chain seeks to invest in Pakistan

Partnership with PIA likely.

KARACHI: El Corte Group, one of the largest Spanish store chains, will establish two offices in Pakistan this year and four more next year. A delegation of 22 Spanish buyers expressed satisfaction over the standard and quality of products during a visit to Pakistan.

In this regard, Trade Development Authority of Pakistan (TDAP) Chief Executive Tariq Iqbal Puri held a press briefing here on Saturday after the successful conclusion of a seven-day visit of the delegation from the El Corte Group.

El Corte Director Borja de la Cierva, also the head of the delegation, informed that his company has an annual turnover of more than $25 billion and annual imports of more than $10 billion.

The delegation also had a fruitful meeting with the Pakistan International Airlines (PIA) managing director. El Corte, also involved in the travel business, proposed a commercial relationship with PIA. The managing director agreed to the proposal of ticket sales through the travel agency of El Corte.

Keeping in view the volume of annual turnover and imports of El Corte, TDAP officials hoped that their visit to Pakistan will go a long way in enhancing trade between Pakistan and Spain.

El Corte has also planned to hold events in Pakistan, at the end of 2011 or in early 2012, to enhance investment.

Published in The Express Tribune, February 27^th, 2011.