FPCCI hails Qatar Emir visit

KARACHI: The recent visit of Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani will go a long way in promotion of bilateral trade and economic relations between Pakistan and Qatar, this was stated by Engineer Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

He said that it would open new opportunities for enhancing bilateral trade and economic cooperation. He further added that the economic partnership between Pakistan and Qatar was expanding with the passage of time and had reached to US$ nine billion including US$ 3 billion cash depositing in State Bank of Pakistan, US$ 3 billion as Foreign Direct Investment (FDI) and US$ 3 billion for other projects which will help Pakistan in bringing out from economic crisis.

While commenting on trade relations, he stated that at present the volume of bilateral trade between Pakistan and Qatar stood at US$ 2.4 billion which is in favor of Qatar due to import of LNG in large volume during the last two years.

Pakistan has considered Qatar as one of its major export destinations and lucrative market where the volume of traditional exports such as textiles, fruits, carpets, footwear, sports good, leather, furniture and especially surgical instruments can be increased by aggressive marketing and close interaction of business community and private sector. He also urged the Government of Pakistan to materialize the agreement which signed earlier this year for sending 100,000 Pakistani workers to Qatar for blue collar jobs.

He further stated that there is a vast potential exists for the two countries in agriculture, banking, aviation, finance, insurance, information technology, tourism, education, science, technology etc as both countries have signed and enforced Bilateral Investment Treaty (BIT) and Double Taxation Treaty (DTT) agreements in 2009 which can help in joint venture investment in both countries.

He further revealed that FPCCI will soon have a meeting with its Qatari counterpart to discuss various future economic activities between the private sector of both countries. FPCCI will also invite the Qatari counterpart in the Board of Directors meeting of Islamic Chamber of Commerce, Industry and Agriculture (ICCIA) which will be held in November 2019.