Singapore business delegation in Lahore, keen to invest in Pakistan

LAHORE: A business delegation from Singapore held business-to-business (B2B) meetings with their Pakistani counterparts on Friday, to explore new trade and investment opportunities in Pakistan.

Head of the delegation, Shamsher Zaman, who is also Singapore's Ambassador to Jordan, and Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder, termed it a historic economic event.

They said it was the first-ever business delegation from Singapore visiting Pakistan with an objective to identify areas where Singapore companies could invest, said a press release issued here.

Shamsher Zaman said, "Singapore is a small country as compared to Pakistan, yet it is one of the strong economies of the world."

Interaction between business communities of the two countries can greatly help Pakistan learn from the experience of Singapore, he added.

He said that businessmen of Singapore are keen to invest in China-Pakistan Economic Corridor (CPEC) project. A lot of Singaporean companies were interested in CPEC and they have a lot of expertise in establishing infrastructure and industrial parks.

Head of the delegation said that small and medium enterprises were an important part of Singapore's economy and the same situation prevails in Pakistan. He said Pakistani businessmen should have sustainable liaison with the businessmen in Singapore as they are not much aware of the trade and investment opportunities in Pakistan.

Pakistan is a big market with over 200 million people; that's why businessmen of Singapore have shown keen interest here.

He also called for exchange of trade delegations on reciprocal basis.

LCCI President Almas Hyder said that Singapore can be rated as the best model country for the whole Asia. It takes a lot to become a highly developed and successful free-market economy. Maintaining corruption-free environment, keeping prices stable, and sustaining per capita GDP higher than most of developed countries speak itself about the governing system and economic planning you have in Singapore.

He said that Pakistani government was committed to ensure that the best facilitating environment to the foreign investors in almost all the spheres of economic activity.

Special Economic Zones were being established under CPEC and friends of Pakistan were initiating a number of mega projects in Pakistan.

"It is important that the current level of cooperation between Pakistani and Singaporean business community are formalized. Singapore business community can take advantage of Pakistan's geographic location as a center point to South Asian, Central Asian, Gulf and Middle Eastern market.

The future is bright for us and we should make the most of it", the LCCI President concluded.

LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal also spoke on the occasion.