ISLAMABAD, March 28: The ministry of commerce will construct a new building, with a cost of Rs170.06 million, for the Foreign Trade Institute of Pakistan (FTIP) in the federal capital.

According to officials, the new building would be constructed over a covered area of 37,773 sq/ft. It would enhance technical competence of the ministry of commerce to provide specialised and in-service training to the officials of the ministry, trade groups, trade diplomats, people from the corporate and private sectors.

The institute would also act as a regional centre of excellence of training and research in international trade.

Land for the building has already been procured from the Capital Development Authority (CDA) in Sector H-9, Islamabad.

The institute would also provide facilities for capacity building of vocational training institutes related with international trade, catalyse new ideas, concepts and skills for successful internationalisation of Pakistan’s economy with the help of national and international linkages.

FTIP would provide research-based expertise, policy analysis on international trade to government, private sector and academic community to help develop pool of senior researchers on international trade with the possibility of having research-based MPhil and PhD programmes, and offering research fellowship to Pakistani and foreigner scholars. The institute will also contribute to increase exports.—APP