The delegation signed a Memorandum of Understanding (MoU) with the Karachi Chamber of Commerce and Industry (KCCI).
“After meeting businessmen and government officials, I am convinced that India and Pakistan can increase their bilateral trade,” FISME Joint Secretary (International trade) Mukesh Kalra commented on the signing of the MoU at Movenpick Hotel.
Kalra said that Pakistan possessed an excellent road network, especially in Punjab, which would greatly benefit bilateral trade.
Those who say bilateral trade would be in India’s favour should also see that India-China trade is heavily tilted in the latter’s favour, said Kalra, adding that despite this India has never said no to China since theirs is a bigger economy.
“India is a bigger economy but if Pakistan looks at the business potential and compete with its products, it can rapidly grow its exports to India.”
India-China bilateral trade has already crossed $100 billion, while trade between Pakistan and India is hovering around $2.6 billion mainly owing to political tension between the two countries.
Out of the 15 delegation members, six are women entrepreneurs who deal in carpet, media and various other industrial products. Most of these business people are visiting Pakistan for the first time and are looking for partners in the country.
The delegation members made moving speeches and expressed surprise on how this visit has changed their perception about Pakistan’s economy, infrastructure, the cost of doing business and the ease of doing business in the country.
“I met various businessmen in Pakistan and found out that India and Pakistan can do everything from trading to manufacturing. But for that they need to learn from each other and move forward,” said Servotch Power System MD Raman Bhatia.
Some visiting Indian businessmen said that they were ready to set up their factories in Pakistan, but were wary of the time constraint owing to constant political tension in the two countries.
Bombay Chamber of Commerce and Industry (BCCI) President Neera Saggi said there is a strong realisation in India that small and medium size industries are growth engines that create most jobs.
On Pak-India trade, she said that business people of the two countries needed to meet frequently so that they could understand each other’s requirements for trade and commerce.
“What Pakistan, India and Bangladesh need to understand is that south Asia is a big market and no country can meet its requirements alone,” said Saggi. “Therefore, we all need to look what we can produce and sell in our neighbourhood.”
Published in The Express Tribune, February 13th, 2014.
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COMMENTS (6)
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@Dr.Shafique: A very important read for the Pakistanis:
http://news.xinhuanet.com/english/business/2014-02/13/c_126124207.htm
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Pakistan/India/Afghanistan should develop land route through Kandar/Quetta/Sukher/Jaisalmir.That route should also be used for Indo/Iran trade.Pakistan can earn a lot by charging fees for the route. Transit goods for Afghanistan should also go on this route.
Wagah/Torkham route is overcrowded and should be reserved for domestic or Pak/Afghan trade.
@Magnetto: After the big fiasco of your handling of the "big three", Pakistan has decided to turn their focus on football and hockey and forget cricket. So stop commenting on cricket.
@Magnetto:
What's wrong with your thinking? Can you not, for a single moment, de-link your logical mind from your anti-India obsession? Many like you are taking Pakistan into the stone age instead of being honest and acknowledging that India does not need Pakistan while the latter stands to benefit more by piggy back riding on India's economy. The story here is about trade, industry and business. What happens in cricket is a different chapter altogether. Why confuse the two? Incidentally, was it surprising that India scored big during the recent cricket voting in Singapore. After all, 80% of the world's cricket revenue is generated in or through India. Can you help if all, except Pakistan (and to a much-lesser extent Sri Lanka), voted in favour of the big three?
@Magnetto: Who cares?
Yeah!!! And the other BCCI did not even placed our players names for IPL consideration. Its proving to be a one sided lovestory.