KARACHI, May 24: Newly-elected India-Pakistan Chamber of Commerce (IPCCI) President Onkar S. Kanwar on Tuesday urged Indian and Pakistani governments to provide investment guarantees to promote joint venture in both countries. Speaking at a press conference along with IPCCI co-president Azhar Saeed Butt here, he said businessmen from both the countries were willing to invest under joint ventures and both the governments should provide protection to their investments.

Mr Kanwar, who is leading a 100-member delegation of Indian entrepreneurs, said the IPCCI had been recognized by both the governments during the recent visit of President Pervez Musharraf to India. He said this body would suggest both the governments to relax visa restrictions for genuine businessmen on the recommendations of IPCCI, FPCCI and FICCI for more frequent visits on either side of the borders.

He said both the sides would identify items of trade and investment. Mr Kanwar was of the opinion that this would remove fears of competition between the businessmen two countries as well as create a situation of win-win for both the nations.

He made it clear that this visit was not an export mission. “Most of the delegates will explore possibilities for importing Pakistani goods. One of the delegates has secured a deal for importing polyester worth $2 million from Pakistan,” he added.

He said the IPCCI would suggest both the governments to create a “no man’s land” at the border areas for setting up warehouses to store tradeable goods. Explaining the scheme, he said an Indian truck of exporting goods would offload merchandise at this land and Pakistani trucks would take these goods for supply in Pakistani territory.

Similarly, Pakistani export items would be stored at these warehouses and Indian transporters would take them to India, he added.

To boost bilateral trade, Mr Kanwar said, the FICCI was ready to set up cyber space portal for executing business deals through e-commerce. “FICCI has 44 such portals and it can be set up in Pakistan within next two months.”

The IPCCI president said that it was his aspiration to expand bilateral trade from $500 million to $2 billion, an amount of illegal trade between the two countries. Azhar Saeed said that the import of Indian goods via third country was costing more to Pakistani entrepreneurs and direct purchase would reduce this cost. He was of the opinion that Pakistani businessmen should not worry of competition with Indian counterparts as they were enjoying edge in so many products over India.

He said both the governments were taking confidence-building measures and creating an environment conducive for good business relations. Mr Butt urged Indian businessmen to behave like an elder brother and provide enabling environment for Pakistani businessmen in the Indian market. He said that sea, air and rail links should be developed to promote expansion of bilateral trade by reducing freight charges.—APP