Commitment to security: Businessmen visiting Pakistan to have insurance cover
Commerce ministry enters into accord with National Insurance Co.
Premier asked the commerce ministry to draw up a proposal for establishing trade dispute resolution councils. PHOTO: AFP/ FILE
ISLAMABAD:
The Ministry of Commerce has entered into an agreement with National Insurance Company for comprehensive insurance coverage of businesspersons visiting Pakistan for commercial purposes.
Briefing Prime Minister Raja Pervez Ashraf at the Prime Minister House on Tuesday, Commerce Secretary Munir Qureshi said over the last 30 years, 29 countries including the United States, members of the European Union, Australia and others had issued negative travel advisories to their citizens travelling to Pakistan.
On these occasions, either insurance cover was not available to their citizens in Pakistan or they had to pay a very high premium, he said.
Now, the commerce ministry has made arrangements with National Insurance Company to provide insurance cover for foreigners, invited by Pakistani businessmen for business dealings.
Qureshi revealed that the company would offer foreign investors and businesspersons insurance cover of $200,000, $300,000 and $500,000 for the period of their stay in Pakistan, adding the government would ensure adequate security to the foreigners.
The secretary believed that this step would remove a longstanding hurdle in the way of foreign investors, who intend to visit Pakistan for business and investment, and encourage them to pour money into this country.
Dispute resolution councils
Separately, in a meeting with a seven-member delegation of the UK-Pakistan Chamber of Commerce and Industry at the PM House, the premier asked the commerce ministry to draw up a proposal for establishing trade dispute resolution councils that would resolve complaints lodged by importers of Pakistani goods.
Ashraf expressed the hope that the dispute resolution councils, proposed by the UK-Pakistan chamber, would encourage international trade.
Highlighting the achievements of his government, the prime minister said despite challenges, “the country is moving forward, media is free, judiciary is independent and a democratic government is completing its tenure.”
On the economic front, foreign exchange reserves have increased and inflation has been restricted to single digit.
He described Pakistan’s policies as business friendly and asked investors to make investment in any sector of their choice.
He told the delegation that the government had made all necessary preparations to qualify for European Union’s Generalised Scheme of Preferences (GSP) Plus that would give a boost to trade with the 27-nation bloc.
Published in The Express Tribune, January 2nd, 2013.
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The Ministry of Commerce has entered into an agreement with National Insurance Company for comprehensive insurance coverage of businesspersons visiting Pakistan for commercial purposes.
Briefing Prime Minister Raja Pervez Ashraf at the Prime Minister House on Tuesday, Commerce Secretary Munir Qureshi said over the last 30 years, 29 countries including the United States, members of the European Union, Australia and others had issued negative travel advisories to their citizens travelling to Pakistan.
On these occasions, either insurance cover was not available to their citizens in Pakistan or they had to pay a very high premium, he said.
Now, the commerce ministry has made arrangements with National Insurance Company to provide insurance cover for foreigners, invited by Pakistani businessmen for business dealings.
Qureshi revealed that the company would offer foreign investors and businesspersons insurance cover of $200,000, $300,000 and $500,000 for the period of their stay in Pakistan, adding the government would ensure adequate security to the foreigners.
The secretary believed that this step would remove a longstanding hurdle in the way of foreign investors, who intend to visit Pakistan for business and investment, and encourage them to pour money into this country.
Dispute resolution councils
Separately, in a meeting with a seven-member delegation of the UK-Pakistan Chamber of Commerce and Industry at the PM House, the premier asked the commerce ministry to draw up a proposal for establishing trade dispute resolution councils that would resolve complaints lodged by importers of Pakistani goods.
Ashraf expressed the hope that the dispute resolution councils, proposed by the UK-Pakistan chamber, would encourage international trade.
Highlighting the achievements of his government, the prime minister said despite challenges, “the country is moving forward, media is free, judiciary is independent and a democratic government is completing its tenure.”
On the economic front, foreign exchange reserves have increased and inflation has been restricted to single digit.
He described Pakistan’s policies as business friendly and asked investors to make investment in any sector of their choice.
He told the delegation that the government had made all necessary preparations to qualify for European Union’s Generalised Scheme of Preferences (GSP) Plus that would give a boost to trade with the 27-nation bloc.
Published in The Express Tribune, January 2nd, 2013.
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