Singaporean businessmen meet counterparts in Lahore to explore trade avenues. PHOTO: FILE
Delegation members represented a wide range of sectors such as construction, oil and gas, agriculture and livestock, chemicals, professional services, plastic and rubber industries, logistics, packaging, power, marble, Halal food and others.
Delegation head Shamsher Zaman, who is also Singapore's Ambassador to Jordan, and Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder termed it a historic "economic event" as for the first time a big business delegation of Singapore was visiting Pakistan to identify the areas where Singaporean companies could invest.
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Zaman pointed out that Singapore was a small country compared to Pakistan, still it was one of the strong economies of the world. Interaction between business communities of the two countries could greatly help Pakistan learn from the experience of Singapore.
He suggested that Pakistani businessmen should have sustainable liaison with the businessmen in Singapore as they were not much aware of the trade and investment opportunities in Pakistan.
The LCCI president said Singapore could be rated the best model country for entire Asia as it was a highly developed and successful free-market economy. The balance of trade has traditionally been in favour of Singapore. Among importing and exporting destinations for Pakistan, Singapore comes at 16th and 42nd places respectively.
"Although bilateral trade stands at around $1 billion, both countries have great potential to double and triple the trade volume over the next five to 10 years," the LCCI chief stressed.
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Hyder said the trade profile was encouraging which would pave the way for expansion of trade and investment ties between the two economies. "Identification of markets for specific products is a prerequisite for the expansion of trade," he added.
Major items of exports from Pakistan to Singapore are articles of apparel, petroleum oil, surgical instruments, etc. On the other hand, petroleum gas, vessels for breaking, medical instruments, chemicals and data processing machines are imported from Singapore.
Published in The Express Tribune, March 2nd, 2019.
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