Karachi, March 30, 2023 (PPI-OT): Saeed Alhebsi, Advisor ministry of Human Resource and Emiratisation United Arab visited FPCCI, Capital Office, Islamabad for meeting with Mr. Amin Ullah Baig Vice President FPCCI and In charge Capital Office, Mr. Umar Masood ur Rehman Vice President FPCCI, Mirza Abdul Rehman Chairman Coordination FPCCI Capital Office, and others members of FPCCI. Mr. Muhammad Suleman Chawla Acting President FPCCI, Eng. MA Jabbar and Haji Muhammad Yaqoob Vice Presidents FPCCI joined the meeting via video link.
In his welcome address Acting President FPCCI Muhammad Suleman Chawla told that with $ 1170 million, UAE is the sixth (6th) largest export destination of Pakistani products, however, in total trade of $ 8545 million, Pakistan faces a trade deficit of US $ 6204 million with UAE. Mr. Chawla said that the overall trend in bilateral trade is showing an increase which is encouraging for both countries. Pakistan is a country of more than 220.7 million people with vibrant youth, a strong middle class and a proficient workforce.
Highlighting Pakistan’s potential, he said that Pakistan has several characteristics that make it an attractive market for multinational firms, particularly those in the fast-moving consumer goods sector. Pakistan located at the ideal Geo-Strategic and Geographical position has more than 1000 KM Coastal Line with three important ports, Karachi, Port Muhammad Bin Qasim and the strategic port of Gwadar which ensures the success of CPEC this port is a beginning point of Belt and Road (BRI) Initiative where nearly 68 countries are linked.
Muhammad Suleman Chawla further Said that Pakistan is the world’s largest producer of salt, Halal meat and other Halal Products, the largest user of cotton, the largest producer and also exporter of Fruits and Vegetable, 5th in the reserves of copper, 5th largest producer of milk, rice producer and offering tremendous opportunities for joint ventures and investment. The investment in the Pakistani agriculture sector will ensure food security in the UAE.
Saeed Alhebsi, Advisor Minister of Human Resource and Emiratisation United Arab said that they had identified some of the priority sectors where there is huge potential for joint venture and investment exist which are Agriculture and Food Processing, Logistics, Textile, Automobile, Information Technology, Housing and Construction, Tourism, Energy and Renewable Energy.
Mr. Amin Ullah Baig Vice President of FPCCI said that Pakistan is an investment-friendly nation in South Asia and has excellent infrastructure with liberalized investment policies offering a high rate of returns. Foreign investment is fully protected under, Investment Promotion and Protection Act 1976, and also secured under the Protection of Economic Reform Act 1992.
Equal treatment to local and foreign investors, all sectors are open to FDI, Foreign Equity up to 100%, Remittance of Royalty, Fees, and Profits, and Borrowing Facilities from Foreign and Local Bank. Mr. Umar Masood ur Rehman told the delegation that Industrial clusters can be established throughout the country by public sector entities, through public-private collaboration or solely by the private sector.
The fiscal benefits under the Special Economic Zones law include a one-time exemption from custom duties and taxes for all capital goods imported into Pakistan for the development, operations and maintenance of a Special Economic Zone including exemption from all taxes. He further emphasizes that the close interaction between the chambers, honorary Investment Counsellors and foreign missions is being strengthened.
Mirza Abdul Rehman Chairman Coordination FPCCI Capital Office highlighted various potential areas for investment in Pakistan and said that Both countries have great scope to promote trade in many areas. Pakistan has strong strategic, diplomatic, and economic relations with UAE.
He said that Gilgit Baltistan Region, KPK, Punjab, Sindh, province of Pakistan and Azad Kashmir has great opportunities for the exchange of tourism. UAE Investors need avail the opportunity of the CPEC project, Tourism, Hoteling, Hydro, Construction, Infrastructure Development, and other Sectors. Pakistan’s huge natural resources can be utilized for the enhancement of bilateral trade relations.
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/