Indo-Pak relations: Economic engagement the only way forward
Both sides close to pacts on easier bank opening and visa policies.
KARACHI:
Looking at the fast changing economic balance from the West to the East where Asia is leading the world, India wants to write a new chapter in the history of its relations with Pakistan so that the two countries can create new opportunities for each other, said Indian Minister for Commerce, Industry and Textile Anand Sharma.
He was speaking to the business community at a ceremony organised by the Karachi Chamber of Commerce and Industry (KCCI) here on Tuesday.
“Let’s write a new chapter in the history of the two countries. Let’s make the most of changing economic dynamics of the modern world that have posed both threats and opportunities to us,” he said.
“India wants to engage Pakistan and write a new essay of trust and friendship to change the future of this region,” he said, adding he made this comment as a representative of the people of India and not just as a minister.
The two countries are close to striking various economic pacts during Sharma’s ongoing visit to Pakistan. All new pacts would push the two countries towards liberal trade and commerce like easy visa policies, opening of bank branches in both countries and many other important steps, he added.
Sharma was of the view that challenges like lack of resources could be overcome through application of information technology that had opened new vistas of economic growth for both India and Pakistan. “Economic engagement will help conquer all the challenges we face today,” he said.
The minister sparked a huge round of applause when he said that the growth of Indian health sector had brought down cost of different medical treatments from thousands of dollars to a few dollars, helping the world’s poor who came to India for operations including Pakistanis.
Similarly, he praised Pakistan for making respectable progress in sectors like agriculture and textile. “We want to see both countries sharing their knowledge and technology so that the people benefit from the economic engagement,” he added.
He pointed out that over half of Fortune 500 companies had set up their research and development centres in India.
Speaking on political relations between India and Pakistan, he said all neighbouring countries had some issues but that did not affect their trade relations. When India and China could trade despite having political issues, why not India and Pakistan, he asked.
Speaking on the occasion, Federation of Indian Chamber of Commerce and Industry President RV Kanoria agreed with the suggestion of Sindh Board of Investment Chairman Zubair Motiwala that both countries could trade in their respective currencies.
“I want to see both countries start trade in their respective rupee rather than dollar and other currencies,” Kanoria said.
KCCI President Mian Abrar Ahmad said the two countries had wasted decades in animosity and time had come to come close to each other for trade and commerce. He suggested that Karachi and Mumbai, the two financial hubs and port cities, should take concrete steps to boost trade and commerce.
Published in The Express Tribune, February 15th, 2012.
Looking at the fast changing economic balance from the West to the East where Asia is leading the world, India wants to write a new chapter in the history of its relations with Pakistan so that the two countries can create new opportunities for each other, said Indian Minister for Commerce, Industry and Textile Anand Sharma.
He was speaking to the business community at a ceremony organised by the Karachi Chamber of Commerce and Industry (KCCI) here on Tuesday.
“Let’s write a new chapter in the history of the two countries. Let’s make the most of changing economic dynamics of the modern world that have posed both threats and opportunities to us,” he said.
“India wants to engage Pakistan and write a new essay of trust and friendship to change the future of this region,” he said, adding he made this comment as a representative of the people of India and not just as a minister.
The two countries are close to striking various economic pacts during Sharma’s ongoing visit to Pakistan. All new pacts would push the two countries towards liberal trade and commerce like easy visa policies, opening of bank branches in both countries and many other important steps, he added.
Sharma was of the view that challenges like lack of resources could be overcome through application of information technology that had opened new vistas of economic growth for both India and Pakistan. “Economic engagement will help conquer all the challenges we face today,” he said.
The minister sparked a huge round of applause when he said that the growth of Indian health sector had brought down cost of different medical treatments from thousands of dollars to a few dollars, helping the world’s poor who came to India for operations including Pakistanis.
Similarly, he praised Pakistan for making respectable progress in sectors like agriculture and textile. “We want to see both countries sharing their knowledge and technology so that the people benefit from the economic engagement,” he added.
He pointed out that over half of Fortune 500 companies had set up their research and development centres in India.
Speaking on political relations between India and Pakistan, he said all neighbouring countries had some issues but that did not affect their trade relations. When India and China could trade despite having political issues, why not India and Pakistan, he asked.
Speaking on the occasion, Federation of Indian Chamber of Commerce and Industry President RV Kanoria agreed with the suggestion of Sindh Board of Investment Chairman Zubair Motiwala that both countries could trade in their respective currencies.
“I want to see both countries start trade in their respective rupee rather than dollar and other currencies,” Kanoria said.
KCCI President Mian Abrar Ahmad said the two countries had wasted decades in animosity and time had come to come close to each other for trade and commerce. He suggested that Karachi and Mumbai, the two financial hubs and port cities, should take concrete steps to boost trade and commerce.
Published in The Express Tribune, February 15th, 2012.