May 5, 2006	Friday	Rabi-us-Sani 6, 1427

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QUETTA, May 4: Canadian High Commissioner David B. Collins has said that oil and gas, minerals and telecommunications sectors in Pakistan offer a promising outlook to Canadian investors.

Speaking to business leaders and traders of Balochistan at the Quetta Chamber of Commerce and Industry on Thursday, he said that during the last two years Canadian companies had become more active in pursuing business opportunities in Pakistan.

“The result is this decade is witnessing a shift in emphasis in Canada- Pakistan relations from aid to trade,” he said.

Pakistan, the envoy said, now ranked much higher amongst Canada’s trading partners with a two-way bilateral trade exceeding $550 million from a meagre $200 million a few years ago.

He, however, emphasised the need for an improved security situation in the region, including Pakistan, to attract ample foreign investment. “In this region, I mention ‘security’ as an issue. Canadians believe that to do business either as importer or exporter requires a reliable security framework and the rule of law, both civil and criminal.”

Highlighting some major joint ventures between Canadian and Pakistani companies, he said that Barrick Gold of Canada was investing about 120 million Canadian dollars in the copper-gold mines in the Chagai district. The site, he pointed out, offered one of the largest copper and gold mines in the world and the two companies had already started a 75 million dollars programme.

He also mentioned some other projects involving the Canadian companies.

However, he said that Pakistani exports to Canada had been gradually declining in recent years and urged the Export Promotion Bureau to look into the causes as Canada’s consumption had not registered any decline.

Referring to reports that Canada might negotiate a free trade agreement with Pakistan, the high commissioner said that since Canada currently had a full agenda of FTA negotiations it cannot pursue FTA with Pakistan at this time.

He said the volume of trade between Asia and North America would continue to grow at a fast pace and added that Pakistan could and should play a greater role in Asia’s evolution.

“This is why Canada is keen to strengthen its presence in Asia and Pakistan,” he urged.

“With each (passing) day we invest more in the people of Pakistan. In healthcare, education and training, especially for women, Canada is helping its Pakistani partners to be competitive in the new global marketplace,” he said.

The high commissioner said Canada had relieved $293 million of Pakistan’s debt and added that the creation of a ‘rupee counterpart fund’ would help focus on improvements to Pakistan’s education system.

He called for increasing bilateral trade and foster longer-term sustainable and mutually beneficial linkages between the business communities of the two countries.

Answering a question, he said a Canadian trade delegation was expected to visit Pakistan in autumn.

Earlier, Quetta Chamber of Commerce and Industry president Mohammad Saddique Kakar highlighted the fields in which Canadian investors could invest.