Pak attracts foreign investors: ICCI

Islamabad: Pakistan is an attractive destination for foreign investors and Argentina investors should take advantage of this opportunity by investing in different sectors of Pakistan's economy, stated Muhammad Ijaz Abbasi, President, Islamabad Chamber of Commerce and Industry (ICCI) while exchanging views with Eduardo Bustamante, First Secretary, Argentine Embassy on Pak-Argentina trade and economic relations at ICCI.

He informed that in 2006-07, total trade between Pakistan and Argentina stood at 106.398 million dollars out of which Pakistan's exports were 42.07 million dollars and imports from Argentina were 64.328 million dollars showing a trade balance in favour of Argentina of 22.258 million dollars.

Muhammad Ijaz Abbasi said that more than 50 percent population of Pakistan is quite young which is emerging as a thriving middle class and is an attractive market for foreign investors. He said that Argentina has expertise in cooking oil, iron, steel, CNG & organic chemicals and Pakistan offer lot of investment potential in these sectors.

He said that Pakistan is the second largest user of CNG products in the world while government is focusing more on diverting its transportation system from oil to gas, which is more environment-friendly, and Argentina can reap rich benefits by investing in CNG sector of Pakistan.

President ICCI said that new government has shown its intentions to formulate business friendly and growth oriented policies and foreign investors should benefit from it by bringing in their capital and technology to Pakistan.

He said that Pakistan offers quite cheap manpower as compared to other countries and this can be a plus point for foreign investors.

He said that many foreign companies have invested in Pakistan's telecom, pharmaceutical, banking, construction and other industries and are earning high returns here with the contribution of our cheap, but highly talented manpower.

Muhammad Ijaz Abbasi emphasised for regular exchange of business delegations between the two countries to explore more business opportunities. He said Argentina should relax its visa processing system for Pakistani business community to enhance trade and economic ties with each other. He informed that ICCI is arranging exchange of business delegations with different countries while in near future ICCI would also plan to take a business delegation to Argentina and sought collaboration of Argentina Embassy to facilitate them.

Speaking on the occasion, Eduardo Bustamante, First Secretary of Argentine Embassy said that his country is keen to enhance its present trade volume with Pakistan. He said that there is a need to further enhance collaboration between ICCI and Argentina Embassy to facilitate the exchange of business delegations between the two countries. He said that Argentina companies are showing interest to invest in Pakistan's CNG and pharmaceutical sectors as Argentina is known for producing CNG kits and cylinders and in future, some of their companies would be looking to start cylinders manufacturing in Pakistan.

First Secretary of Argentina Embassy said that a pharmaceutical company BAGO is investing 5 million dollars in Pakistan for manufacturing of pharmaceutical products. He further informed that Argentina is also interested for collaboration with Pakistan in dairy sector and installing a milk processing plant in Pakistan.

He said that Argentina would also collaborate with Pakistan in agriculture sector and can supply agricultural equipment as per requirement of Pakistan.

He informed that trade delegation of Argentina is planning to visit Pakistan in 2009 to meet with Pakistani business communities at Lahore, Karachi and Islamabad. He said that on the visit, Argentina Embassy would like to arrange B-to-B meetings with the concerned counterparts. He further informed that Argentina Embassy would facilitate Pakistani businessmen in the grant of their business visas so that they could vis