KARACHI, June 24: Bangladesh's Deputy High Commissioner Abdul Hannan suggested Pakistan and his country for creating complementarity in the textile sector by setting up joint ventures to minimize the cost of production.

He says that today Bangladesh's exports of garments are more than that of Pakistan but if the quota system is abolished from January 2005 under the WTO conditionalities, Bangladesh will be in problem.

In a meeting with members of the Federation of Pakistan Chambers of Commerce and Industry, he also suggested entrepreneurs of both the country to collaborate in pharmaceutical and leather goods industries. He pointed out that Bangladesh pharmaceutical industry was highly competitive viz-a-viz Pakistan and India and exported products to 52 countries.

He said that his government in the new budget had announced sufficient incentives to lure foreign investors. He called upon Pakistani entrepreneurs to take advantage of the incentives as well as the provision of safety, security and profitability to foreign investments.

FPCCI President Riaz Tata and Abdul Hannan have called upon businessmen of Pakistan and Bangladesh to exploit the true potential of trade and economic cooperation between the two countries.

They agree that both the countries enjoy the best of relations but it is not reflected in trade and economic relations between them probably due to lack of information. They called for better interaction and exchange of information through the Pakistan-Bangladesh Business Council.

Mr Tata said that he was considering taking a business delegation to Bangladesh in October this year. Pakistan's exports to Bangladesh amounted to $114.356 million and imports stood at $32.638 in 2002-03. The major items of exports from Pakistan include textile yarn and fabrics, cotton American, and rice, while major imports are raw jute, tea, jute cutting and betel leaves.