Khawaja Jalaluddin Roomi, President of Multan Chamber of Commerce & Industry, said in his welcome address that "Pakistan is emerging as a trading nation because of its location at the crossroads of South Asia, China, Central Asia, West Asia and the Indian Ocean. With its liberal pro-investment policies, Pakistan's economy is rapidly growing with a highly skilled and moderately priced workforce."
Canadian High Commissioner Perry John Calderwood was the chief guest who inaugurated a painting exhibition in Multan Chamber. Roomi said Pakistan's economy had shown resilience, with 5.7 percent GDP growth for 2016. "Based on a strong structural reforms programme, the GDP is projected to reach six-percent-plus growth in the coming years. The country is deepening its economic ties with partner states from the Pacific to the Atlantic. A well-regulated banking system, independent judiciary and IT-enabled economy have been instrumental in helping foreigners to do business in Pakistan and in attracting foreign investment to the world's seventh most populous market, with approximately 200 million consumers."
"Pakistan's investment policy offers equal treatment to local and foreign investors. Delicious mango, good quality cotton, branded textiles, world-renowned Basmati rice, Pakistani mangoes, carpets, leather are just a few of Pakistan's famous exports. The top five export destinations in 2015 for Pakistani goods and services were the European Union (EU), US, China, Afghanistan and UAE, while Pakistan's five leading import partners last year included China, the EU, UAE, Saudi Arabia and Kuwait."
Jalaluddin Roomi further said Pakistan and Canada traditionally enjoyed friendly relations and close co-operation in development, people-to-people contacts and regional security. "However, our economic ties have yet to reach their potential. According to Statistics Canada, bilateral merchandise trade alone, excluding trade in services, topped the $1 billion mark in 2015, a 49-percent increase from 2014. Pakistan's exports were valued at more than $350 million and Canadian exports totalled $690 million. Pakistan's exports to Canada were textiles, leather goods, vegetable products, plastic products, garments, carpets, surgical goods, sports gear, food products, base metals, medical equipment, pearls, gemstones and jewellery, mineral products, head and footwear and ceramic products. Pakistan's imports from Canada were vegetable products (colza seeds, also known as rapeseed, soya beans, chickpeas and lentils), mechanical and electrical equipment, wood products, chemical or allied industries' products and transport equipment."
Roomi said Pakistan's exporters were faced with cumbersome visa formalities for attending trade fairs in Canada. Similarly, travel advisories discourage Canadian businesspeople from visiting Pakistan, he added. "The Canadian authorities have been approached to revisit the travel advisory and business visa regime to facilitate deeper bilateral economic engagement between the private sectors of both countries. The recent rise in the number of Canadian business people working with Pakistan is encouraging. Canada's SNC-Lavalin, AECOM, Hatch, Group RSW, AXOR, International Sovereign Energy and Enerflex have contributed to development projects in Pakistan. Likewise, Pakistani business people attended the SIAL Food and Construct Canada exhibitions in Canada.
He said that oil rigs and mining equipment were needed to exploit Pakistan's vast natural resources. "Canada could make profitable investment in the oil, gas and minerals exploration, information technology, infrastructure, power generation, agro-business and science and technology sectors. Canadian investment in Pakistan is a meagre $20 million. Canadian business can also benefit from Pakistan's IT-enabled services in animation and gaming, retail banking and finance, mobile content, document management and call centres. A number of multinationals have established themselves in Pakistan because it's a competitive offshore destination in cost and quality."
Comments
Comments are closed.