Businessmen from India and Pakistan have stressed the need for improving bilateral trade relations between the two countries. They stated this while talking to Business Recorder here on Saturday.
They were of the opinion that improved trade relations are in the interest of both the countries.
A 60-member leading Indian businessmen delegation is currently visiting Pakistan to witness third one-day cricket match at Gaddafi Stadium in Lahore scheduled for Sunday.
The management of Pakistan Industrial Credit and Investment Corporation (Picic) arranged a dinner in honour of the Indian businessmen, which was also attended by Pakistani industrialists and businessmen.
Governor of State Bank of Pakistan Dr Ishrat Hussain, speaking on the occasion, said that Pakistan and India have common heritage, common legal system and common institutional framework and business community of the two countries can do a lot for improving mutual co-operation in various economic fields.
He was confident that people of South Asia are capable enough to develop their countries like China.
He said that the two countries must work hard keeping in view the rapidly changing requirements of international world. He advised them to change their mindset and must not depend on subsidies, incentives or other government benefits.
He said Pakistan is on the track of deregulation, liberalisation and privatisation of its economy.
Later talking to newsmen, Dr Ishrat Hussain said that the foreign exchange reserves of Pakistan have touched $ 12.5 billion and added that the future size of foreign exchange reserves would depend on currency market conditions of Pakistan.
He said that the managing-director of Picic is going to India to meet its counterpart in ICICI and hoped that co-operation in banking sector between the two countries would be started very soon.
He said that interaction between business communities is a good sign, which would also improve image of Pakistan in international market.
K.V. Kamath, managing-director, ICICI Bank of India, said that business communities are better placed to bridge the gap and mistrust than the politicians.
He was of the view that India can also offer assistance to Pakistan in getting low-cost banking services technology.
Muhammad Ali Khoja, managing-director, Picic, said that the Picic Bank after a large number of hurdles and difficulties have established itself in the financial market of Pakistan.
He said that Picic has obtained, in principal, approval of insurance company in completing the requirement formalities of the SBP and SECP. Picic has been short-listed for the purchase of NITI, which is the biggest open-end fund in the public sector.
M. Basheer Jan Muhammad said that the initiative taken by the ICICI bank through this visit to Pakistan would prove to be a mile stone in developing cordial relations between India and Pakistan.
He said that he invited ICICI board of directors to visit Pakistan at any convenient date for accelerating mutual co-operation.
"The recent initiative taken by President General Pervaiz Musharraf and Atal Behari Vajpayee should be welcomed by all of us. We on our part can play more effective role in bringing both the governments and people together and to make economies of both the countries vibrant and progressive," he added.
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