Recent reforms undertaken by the government in respect of doing business in Pakistan has resulted in drop in the number of days required to import in the country from 39 to 19 days. The protection given to investors has transformed Pakistan into one of the most reliable country for investment.
These remarks were made by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former President Tariq Sayeed, while addressing the symposium on "Doing business in South Asia, prospects and constraints held in New Delhi on October 4.
According to details available here on Saturday, the symposium was organised by Saarc Chamber of Commerce and Industry (Saarc-CCI). Tariq Sayeed, who is the life member of SAARC-CCI, said that as a result of the adoption of liberalised investment regime, global standards and practices, Foreign Direct Investment (FDI) of over eight billion dollars came to Pakistan last year.
Speaking on trade between Pakistan and India, he said the volume of un-official trade indicated that tremendous potential existed between the two countries. If the illegal trade is converted into official business, the current volume of trade may touch three billion-dollar mark coupled with huge revenue gains for both the countries.
Tariq Sayeed identified 21 potential sectors for promotion of trade between Pakistan and India and explained benefits of increasing trade within South Asia region. Besides identifying potential areas, he also pinpointed some barriers causing hindrance in the growth of trade within this region.
He emphasised that there was a strong need that the governments of Pakistan and India create a congenial business and investment environment. For instance Safta, which has not materialised due to some discrepancies, could play an effective role in increasing the trade share of the two countries in the world, he said.