27 January 2004	Tuesday	04 Zilhaj 1424

ISLAMABAD, Jan 26: The Strategic Sourcing of JC Penny, US, is expecting to increase imports from Pakistan to over $200 million in the next few years. This was stated by Rodney M. Berkins, Jr Vice-President and Director, Strategic Sourcing of JC Penny, who met Finance Minister Shaukat Aziz here on Monday.

Mr Berkins is currently visiting Pakistan with a team of executives to evaluate Pakistan's textile and apparel industry for increasing their imports from Pakistan.

Mr Berkins informed the finance minister that JC Penny hoped to increase imports from Pakistan to over $200 million in the coming years. The finance minister briefed the JC Penny executives on the measures and reforms undertaken by the government to open up Pakistan's economy and usher in business-friendly environment in Pakistan.

He gave the visitors a detailed presentation on the reforms undertaken in the financial sector as well as in the tax regime, specially the Customs. He said the cost of doing business in Pakistan had come down considerably, while automation and other measures had been introduced to ensure reduction in time involved in exporting products from Pakistan.

Mr Aziz said special measures had been taken for swift clearance of export goods and that the country planned to install X-ray equipment to further speed up clearance of export containers.

Mr Berkins discussed with the minister the increased prospects for Pakistan's textile exports after the end of multi-fibre agreement by December 31, 2004.

He said the quota-free regime would increase the prospects for Pakistan textile exporters to increase their US market share. It would also enable US retailers to benefit hugely.