NEW DELHI March 1: Lahore Chamber of Commerce and Industry (LCCI) and Confederation of Indian Industry (CII) on Monday signed a Memorandum of Understanding to foster trade ties and beef up cooperation in various field of the economy between the two countries.
The MoU was signed by LCCI President Mian Anjum Nisar and Former President CII, Subodh Bhargava at a meeting on "India Pakistan Business and Economic Cooperation" of the two bodies.
The MoU envisages that CII and LCCI would endeavour to undertake studies to determine the support which might benefit their respective members under this understanding and which would develop into specific programmes.
Both trade bodies agreed to exchange professional experience relating to services rendered to their respective members facilitating their relationships and providing adequate support for the successful outcome of specific programmes.
CII and LCCI further agreed to exchange information about projects and industrial processes which may be available, industrial training, sources of financing offers and requests for joint ventures and licensing and identification of possible partners to promote industrial and technological cooperation between the two countries.
The organizations agreed to cooperate in activities for industrial and technological advancement in areas like information technology, environment and energy, etc.
The MoU also envisages to exchange information on all economic and commercial matters with regard to Pakistan and India and on specific industrial sectors of both countries and on those requested by either of the signing parties.
Both sides would support activities such as seminars, courses and conferences by Pakistani and Indian specialists in India and Pakistan in those industrial sectors agreed upon between LCCI and CII as well as to promote these events through its publicity media.
They agreed to provide full cooperation to each other in the promotion of trade fairs and exhibitions both in Pakistan and India. The MoU also provides for mutual exchange of executives for a temporary internship for certain period in each other's organization (subject to the permission from the respective governments) the objective being to facilitate greater promotion of points agreed under the MoU.
Meanwhile, Karachi Chamber of Commerce and industry and Indian chambers of commerce signed four Memorandum of Understanding (MoUs) to promote bilateral trade and investment.
These MoUs were signed with Associated Chamber in New Delhi, Mahrashtara Chamber, Mumbai Chamber and the PHD, which is the association of six chambers of India, said Siraj Kassam Teli, KCCI President and leader of KCCI's delegation to India, while talking to the newsmen at the airport here on his return on Monday.
KCCI chief said that the delegation received unexpectedly good response from Indian business community and their government to promote bilateral trade and investment.
"Our visit would prove a milestone in increasing bilateral trade," Teli remarked. He said that Pakistani trade mission also had a meeting with India's Reliance Group of Industries that showed keen interest to enter into joint ventures in plastic and textile industries here.
He said that the businessmen in Mumbai were eager to see ferry service between Karachi and Mumbai at the earliest so that there could be quick and in-expensive transportation of the consignments.
The KCCI chief said that businessmen in New Delhi and Mumbai emphasized that both the governments should continue their dialogue and enhance meetings and exchange of delegations at various levels to expedite the process of bringing the two nations closer.
Former KCCI president M. Zubair Motiwala said Pakistan could penetrate large Indian market of one billion people, especially to sell its home textile products and surplus sugar.
From India, Pakistan could import mainly engineering goods he said adding "we would be greatly benefited by having good machinery at low rates." India also leads in petro-chemical industry and Pakistan could take benefit of this, he said.
He said India had a bumper cotton crop this year and would have a good quantity for sale which we could get at relatively low rates in case of deficit here.
Both sides have agreed to formulate a joint strategy to strengthen their cotton market. At least 40 per cent of total world cotton production comes from India and Pakistan, and with joining of China this would amount to 65 per cent, he said. The leading businessman rejected the apprehensions that India would dump its goods in Pakistani markets in case of free trade starts.
Zubair Motiwala said Indian Commerce Minister was convinced that the immigration rules be relaxed for at least businessmen from Pakistan so that they have multiple visas for increased interaction between the two business communities aimed at promoting trade. -APP