Canada-Pakistan Business Council President Anwar Andy Merchant has said that a number of big Canadian business concerns are planning to initiate joint ventures with their Pakistani counterparts, as the steady growth rate being witnessed by Pakistan due to consistency in policies and reforms initiated by the present government has impressed the foreign investors.
Anwar Andy Merchant, who is heading a 11-member Canadian delegation, was speaking at Lahore Chamber of Commerce and Industry (LCCI), here on Tuesday. LCCI President Mian Shafqat Ali, Vice President Aftab Ahmad Vohra and Pakistan Trade Commissioner in Canada Ahsanul Haq were also present on the occasion.
The Canada-Pakistan Business Council President urged the LCCI President to arrange a delegation of top Pakistani businessmen for Canada so that they could have first hand knowledge about the Canadian business atmosphere, as the exchange of trade delegations are the most effective tool to increase the level of bilateral trade. He called for taking measures to improve soft image of Pakistan.
Shafqat said that Canada and Pakistan had always enjoyed cordial relations and Canada had been among the leading countries to assist Pakistan in its efforts to acquire sustainable economic growth. He said that the Canadian International Development Agency (CIDA) is Pakistan's active partner in development. "The Official Development Assistance (ODA) from Canada is also supporting Pakistan to reduce poverty and to contribute to a more secure, equitable and prosperous world."
According to him, the major bottleneck in promotion of trade and economic activities between the two countries is the lack of information about business opportunities.
There is a need to undertake frequent activities like exchange of business delegations, organising country exhibitions, participation in fairs and exhibitions, seminars and workshops to ensure a continuous liaison.
Mian Shafqat Ali said that the situation regarding net inflow of foreign private investment in Pakistan by Canadians is more dismal as it has reduced from US $6.2 million in 2001-2 to US $2 million in 2004-5. LCCI Vice President Aftab Ahmad Vohra said that there is a great scope of co-operation in various industrial sectors between the two countries.
He averred that the possibility of undertaking joint ventures in areas like pharmaceuticals, electrical appliances, food stuff, leather, textiles engineering goods, agro-based industries, chemicals, fertilisers, mineral and mineral based industries, oil and gas exploration, telecommunication, sea port development, dams, power generation, areas related to education, health and environment are very bright.
"Canada may also consider transfer of technology in the fields of food processing and preservation, agriculture, livestock development, fisheries, forestry, environment, pharmaceutical and agro-industrial engineering.
"Canada is rich in natural resources; weather conditions however, hamper the development work there. Joint development work with Pakistani manpower in construction, mining and agricultural produce could help Pakistan acquire superior skills in these areas," he added.
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