Uruguay is the fifth largest economy of Latin America with favourable business climate and Pakistani entrepreneurs should explore Uruguay for business opportunities, investment and joint ventures. Juan Carlos Ojeda, Ambassador of Uruguay, said during his visit to Islamabad Chamber of Commerce and Industry here on Wednesday. He was accompanied by Senator Enver Baig, Honorary Council General of The Republic of Uruguay in Pakistan.
The Ambassador said some companies of China, India and Japan are doing good business in Uruguay. "Pakistani companies should also make efforts to have some presence in this region, which is an important economic bloc", he said adding Uruguay's investment regime is quite favourable with no discrimination between foreign and domestic investors and no restrictions on repatriation of capital and profits.
He said Uruguay's strategic location with free ports and airports, technological advancement and macroeconomic stability make it attractive and safe country for investment and Pakistani investors should take benefit of these advantages while his embassy could facilitate them in such business pursuits. Speaking on the occasion, Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that Pakistan gives lot of significance to its relations with Latin American countries including Uruguay to meet its growing demands of opening up new avenues of co-operation and investment opportunities for its businessmen.
He said Pakistan enjoys good relations with Uruguay, but bilateral trade is very low and stressed that both countries should take some concrete measures to facilitate direct interactions between their businessmen so that they could find out potential areas of mutual co-operation to improve trade relations. He said agriculture is a leading industry in Uruguay while Pakistan is an agricultural country and both have good scope to complement each other in this area with technology transfer and sharing of expertise.
Zafar Bakhtawari said Pakistan has been striving since long to promote trade relations with MERCUSOR (Economic bloc comprising Argentina, Brazil, Paraguay, Uruguay, Venezuela, Chile and Bolivia) and had signed MERCUSOR Framework Agreement on trade in 2006, but still our trade with this region is just meagre. He urged that Uruguay should cooperate with Pakistan in its efforts for getting enhanced market access to MERCUSOR.
Senator Enver Baig, Honorary Council General of The Republic of Uruguay in Pakistan underscored the need of exchanging trade delegations, organising single country exhibitions and enhancing connectivity between Chambers of Commerce to improve bilateral trade and economic relations between Pakistan and Uruguay.
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