Karachi, December 16, 2022 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that FPCCI and Cyprus Chamber of Commerce and Industry (CCCI) have signed a first-of-its-kind “Agreement of Cooperation” for enhanced trade, investments, bilateral trade promotion activities and industrial cooperation.
Mr. Irfan Iqbal Sheikh said that technology transfer, industrialization and import substitution is at the very core of FPCCI’s vision as it is not sustainable for Pakistan to remain an import-dependent country anymore. We must substitute our imports with quality products produced domestically to bring down our import bill, current account deficit (CAD) and trade deficit; and, gradually shore up our foreign exchange reserves, he added.
FPCCI Chief maintained that, despite being a small country, Cyprus has successfully diversified their economy to establish an industrial base; equipped with the European technology. Therefore, rather than only focusing on yet another country for imports, FPCCI and CCCI will encourage both the sides to explore investments and JV avenues through exchange of delegations, trade fairs and exhibitions and regular interactive sessions.
Mr. Irfan Iqbal Sheikh drew the attention of policymakers in Pakistan to study that how Cyprus weathered the Euro Zone Financial Crisis of 2012 and how they strengthened their ease of doing business index through signing various cooperation agreements with various economies; specifically, the agreements to avoid double-taxation with 15 countries.
Mr. Suleman Chawla noted that Cyprus has become a financial, shipping and tourism hub through smartly utilizing their geographical location at the crossroads of three continents; i.e. Europe, Africa and Asia. Mr. Othonas Theodoulou, Vice President of CCCI, signed the agreement from the Cyprus side and highlighted that the two countries can collaborate on tourism, food and beverage processing, cement and gypsum manufacturing, ship repair and refurbishment sector, textile industry, light chemicals, metal products and IT services.
For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/