September 28, 2002	Saturday	Rajab 20, 1423

KARACHI, Sept 27: A high profile Singaporean trade mission, comprising investors and businessmen, will visit Pakistan from November 24-29 to explore and develop trade and investment ventures.

This was stated by Steven Ong Puay Guan, chief executive officer of Olivine Magnetic Ltd, at a press conference at the Federation House here on Friday.

He said his company and two others — International Trade Institute of Singapore and Singapore Confederation of Industries (SCI) — are organizing this visit.

The highlight of the trade mission will include visits to different cities of Pakistan that have extensive exports overseas. The delegates will also hold two seminars, one each in Karachi and Lahore.

Mr Steven, whose company had already invested $4 million in an optical media disc production in Karachi in 1998, said Pakistan held significant importance for Singaporean investors with its open investment policies and huge market and export potentials.

He said the mission would try to enter into joint ventures with their Pakistani counterparts in order to enhance trade between the two countries. During the mission’s visit, a Pakistan-Singapore forum will also be set up to boost the two-way trade.

Singapore’s total trade with Pakistan stood at $416.9 million in 2001 — imports from Pakistan amounted to $49.7 million, while exports from Singapore was $367.1 million. In first seven months of 2002, Pakistan’s imports to Singapore had already reached $28.5 million.

He said Olivine Magnetic, incorporated in Singapore, had also proposed to set up Pakistan Trade Centre (PTC) in Singapore in consultation with Pakistan High Commissioner in Singapore and the local chamber of commerce. PTC will have immense potentials for increasing Pakistani exports to Singapore, ASEAN countries and the Asia Pacific region. The centre will strengthen economic cooperation between Pakistan and Singapore in addition to bringing business awareness of Pakistan products to the rest of Asia.

“Our mission is to set up a mini Pakistan and will house all the members’ products under one roof,” he added.