Switzerland has invested $1.2b in Pakistan
Swiss multinational companies over the past seven years have invested $1.2 billion in Pakistan.
KARACHI:
Swiss multinational companies over the past seven years have invested $1.2 billion in food processing, pharmaceutical, chemical, engineering, banking and other services sectors, said Swiss Consul General in Karachi, Martin Bienz.
“Switzerland is currently ranked fifth in terms of Foreign Direct Investment (FDI) in Pakistan,” he said while talking to media on the occasion of Swiss National Day here on Thursday.
He said that these multinationals are generally satisfied with the course of business in Pakistan, and based on the market potential, maintain an optimistic outlook despite certain concerns in connection with ongoing energy shortages and law and order situation.
Bienz said bilateral trade has shown consistent growth and is now picking up further. Trade volume is expected to exceed 400 million Swiss francs this year, he said.
Swiss exports to Pakistan are driven by high demand of pharmaceutical products and raw material whereas textiles and garments continue to be the principal Pakistani export items to Switzerland.
The important criteria for today’s business practices are related to corporate social responsibility, he stated. UN Global Compact has defined 10 globally-accepted principles on issues like human rights, labour, environment and anti-corruption.
The Swiss Government fully supports this and will fund a two-year programme in Pakistan to strengthen significant principles through a Global Compact network.
“I would like to encourage Pakistani and multinational companies to join this meaningful campaign,” he added. He said Pakistan is still facing many challenges and hoped that peace and normality will prevail soon throughout the country.
Published in The Express Tribune, July 30th, 2010.
Swiss multinational companies over the past seven years have invested $1.2 billion in food processing, pharmaceutical, chemical, engineering, banking and other services sectors, said Swiss Consul General in Karachi, Martin Bienz.
“Switzerland is currently ranked fifth in terms of Foreign Direct Investment (FDI) in Pakistan,” he said while talking to media on the occasion of Swiss National Day here on Thursday.
He said that these multinationals are generally satisfied with the course of business in Pakistan, and based on the market potential, maintain an optimistic outlook despite certain concerns in connection with ongoing energy shortages and law and order situation.
Bienz said bilateral trade has shown consistent growth and is now picking up further. Trade volume is expected to exceed 400 million Swiss francs this year, he said.
Swiss exports to Pakistan are driven by high demand of pharmaceutical products and raw material whereas textiles and garments continue to be the principal Pakistani export items to Switzerland.
The important criteria for today’s business practices are related to corporate social responsibility, he stated. UN Global Compact has defined 10 globally-accepted principles on issues like human rights, labour, environment and anti-corruption.
The Swiss Government fully supports this and will fund a two-year programme in Pakistan to strengthen significant principles through a Global Compact network.
“I would like to encourage Pakistani and multinational companies to join this meaningful campaign,” he added. He said Pakistan is still facing many challenges and hoped that peace and normality will prevail soon throughout the country.
Published in The Express Tribune, July 30th, 2010.