Minister woos foreign investors

Discusses with Italian, Danish envoys concerns over tariff classification

ISLAMABAD:

Italian Ambassador Marilina Armellin and Danish Ambassador Maja Mortensen called on Federal Minister for Commerce Jam Kamal Khan to discuss avenues for enhancing bilateral trade, investment and economic cooperation.

The minister highlighted Pakistan's role as a responsible global partner and its efforts to promote dialogue and de-escalation in times of geopolitical tensions. He noted that recent global developments, particularly disruptions to key maritime routes such as the Strait of Hormuz, had significantly impacted global supply chains, including energy, food, medicines and industrial inputs. These challenges, he stated, underline the importance of diversified trade partnerships and resilient supply systems.

The minister underscored Pakistan's strong economic potential, citing its large consumer base of over 250 million people, abundant natural resources and strategic location. He remarked that with improvements in per capita income, Pakistan could emerge as a major import and consumption hub, creating significant opportunities for foreign investors.

Both ambassadors expressed keen interest in expanding engagements, particularly in non-traditional sectors. Detailed discussions were held on Pakistan's ongoing tariff reforms under the National Tariff Policy, which aims to gradually reduce tariffs over five years to promote export-led growth and enhance competitiveness.

The minister emphasised that Pakistan was among a few countries currently pursuing progressive tariff reduction, while many countries, due to prevailing global economic uncertainties and protectionist trends, were increasing tariffs. He noted that tariffs had already been reduced in several sectors and would continue to drop in the coming years to ensure a balanced approach that could protect local industry while facilitating imports of high-quality inputs. Specific concerns regarding tariff classification, particularly in the dairy sector, were also discussed, with the minister assuring the ambassadors that Pakistan's government was open to reviewing proposals, including the creation of new HS codes where required.