Diplomats for improved Pakistan's perception to attract foreign investment

KARACHI: Karachi-based diplomats have underscored the need to improve Pakistan's perception to attract maximum number of foreign investors as there are many potential opportunities available in Pakistan, particularly in Karachi.

Exchanging views at a breakfast meeting hosted by Karachi Chamber of Commerce and Industry (KCCI) at a local hotel, they said that the foreign investors from their respective countries were keen to explore investment opportunities in Pakistan but the negative perception, excessive paper-work and red-tapism were hindering foreign direct investment in the country, said KCCI release here on Tuesday.

They also advised the business and industrial community of Karachi to focus on diversifying their exports as staying confined mostly to textile exports would not yield the desired results.

The foreign delegates included Senior Commercial Officer of United States Steve Knode, Consul General of Switzerland Philippe Crevoisier, Consul General of Turkey Tolga Ucak, Vice Consul of Germany Ingolf Vogel, Commercial Attache of Turkish Consulate Murat Mustu. President KCCI Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak , Vice President Rehan Hanif, Chairman of Diplomatic Missions and Embassies Liaison Sub-Committee Sohail Amin, Chairman Special Committee for My Karachi Exhibition Muhammad Idrees, former presidents Haroon Agar and Iftikhar Vohra, Managing Committee members were also present.

Senior Commercial Officer of United States Steve Knode said that the trade ties between the two countries had been improving and these days, the trade volume stood at all-time high.

"I have seen lots of positive things and I will encourage US companies to take benefit of prospective opportunities in Pakistan", he added.

He informed that the United States had changed its global travel alert system (GTAS) in which countries around the world have been placed in different levels keeping in view their security situation. Pakistan was currently at Level 3, whereas some areas in the country were at Level 4 due to security concerns.

"Level 1 means that the country or area is completely safe to travel", he explained and hoped that Pakistan's current level would improve further in the US Travel Alert System.

Knode also extended full support and cooperation to KCCI's delegation visit to United States this year by facilitating B2B meetings and other meetings with the officials at USA Department of Commerce and Pakistan Chamber of Commerce, USA.

He also invited Karachi Chamber to participate in Select USA Investment Summit that was scheduled to be held in USA from 20 to 22 June, 2018 which would help them in exploring investment opportunities in United States and provide a good platform to explore new business opportunities by interacting with international participants.

Consul General of Switzerland Philippe Crevoisier advised KCCI to hold maximum interaction with their counterparts in Switzerland to improve the existing trade and investment ties between the two countries.

"Although potential exists yet the efforts must be made to improve the perception and image of Pakistan so that the potential could be transformed into a success story," he added.

Consul General of Turkey Tolga Ucak said that the business communities

of Pakistan and Turkey must find ways and means of enhancing trade and investment cooperation.

It was time to shift focus from enhancing trade only to encouraging investments in both the countries through joint ventures, he asserted.

Vice Consul of Consulate General of Germany Vogel Ingolf, pointed out that Germany held many trade and investment exhibitions throughout the year. Hence, the trade and industrial community of Karachi Chamber should attend these exhibitions which would surely bring the business communities more close to each other.

President KCCI Muffasar Atta Malik, while referring to Pakistan's existing trade ties with US, Germany, Switzerland and Turkey, stressed the need to exchange more trade delegations to further increase the bilateral trade volumes.

In this regard, the Karachi Chamber planned to send its delegations to United States and European Union countries in the second half of current calendar year to look for more trade and investment opportunities, he informed.

He requested the diplomats to facilitate KCCI delegation's visit by arranging maximum number of B2B and C2C meetings.

He informed that the Diplomats that Karachi, which is the economic hub of Pakistan, offers profitable investment opportunities and added facilities for investment and joint ventures to Foreign Investors.

Referring two Special Economic Zones being set up in Karachi under CPEC, he urged foreign investors should take interest in these zones where they would enjoy tax holiday for up to 10 years which was phenomenal, along with many other benefits, particularly the One-Window Operation Facility.

CPEC was a game changer project which would lead to improved regional economic integration and transform Pakistan into a Central and South Asian economic hub, Muffasar Malik said.