Pakistan, Bangladesh to hold meeting to boost trade

Envoy pitches investment ideas to Faisalabad’s businessmen.

FAISALABAD: Bangladesh and Pakistan will hold a meeting of the Joint Economic Commission during the year to pace up business activities, said Ambassador of Bangladesh to Pakistan Suhrab Hossain at the Faisalabad Chamber of Commerce and Industry (FCCI).

There are big opportunities to increase bilateral trade and investment between both countries, the envoy added in his address to the industrialists of Faisalabad. He pinpointed Bangladesh’s industrial and agricultural sector for profitable joint-ventures.

Hossain went on to say that the policies of the government of Bangladesh were pro-business, in addition to availability of cheaper labour, uninterrupted supply of power and gas apart from other incentives and preferential treatment for foreign investors.

Elaborating on his earlier statement, the envoy said that duties on raw material imports were very low and the government allowed five years of no taxes to foreign investors. The Bangladeshi government is giving great importance to industrial and agricultural sectors, he added.

The envoy assured that the Embassy of Bangladesh would lend full support to the Pakistani business community for setting up joint-ventures. In this regard, special industrial zones have been established completed with the entire necessary infrastructure in Bangladesh.

He also pitched potential for investments in other areas including electrical, information technology, sport goods, pharmaceuticals and ceramics.

Responding to the proposal for collaboration in tourism development, Hossain said that tourism authorities of both countries could devise ways and highlight areas as very rich tourism potential existed in Pakistan and Bangladesh.

Also addressing the industrialists, FCCI President Engineer Suhail bin Rashid said both Bangladesh and Pakistan were part of South Asian Free Trade Area (Safta) and South Asian Association for Regional Cooperation Preferential Trade Agreement (Sapta) and members of Saarc and Developing Eight Countries forum.

Considering the combined size of the economy at $345 billion and consumer market of around $346 million, trade could be enhanced manifold.

FCCI president asked for frequent exchanges of trade delegations, identification and trade of more products where both countries have a competitive edge, single-country exhibitions and technology transfers, besides collaboration in technical and vocational training.

Published in The Express Tribune, October 12^th, 2013.

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