BEIJIJNG, Sept 20: More than 300 business leaders and officials from 70 countries including Pakistan met here Monday to discuss ways and means for promoting fair and equitable business opportunities at regional and international levels.
The two-day event was arranged by industrial and commercial organizations (ICOs) from across the world. It was also aimed at starting a regular dialogue process on common issues relating to trade and investment.
Pakistan was represented at the conference by 10-member business delegation led by Tariq Ikram, Minister of State and Chairman Export Promotion Bureau (EPB), besides ambassador Riaz Muhammad Khan.
Addressing the conference, he said Pakistan was looking forward to enhancing its contacts and cooperation with the regional organizations to develop free trade and even-handed investment opportunities.
Briefing the gathering about current trade and investment environment in Pakistan, he said, "We have now introduced a completely liberalized economy. Export and import is permissible of almost every thing.
This allows trade and industry to operate freely. Exports are zero rated, import tariffs have been reduced from applied average level of 55 per cent in 1995 to 17 per cent in 2004."
He invited the participants to attend the EXPO Pakistan, a mega business event scheduled to take place in Karachi from February 2 to 5, 2005. This will be a composite event of exhibition of all goods and services of Pakistan.
"We also expect foreign companies to establish their business in two garments cities and one textile city, which are being set up in the country with state of the art infrastructure, full security and pre-constructed factory shells on lease at most economical rates."
Tariq Ikram said Pakistan also provides excellent joint ventures opportunities to foreign companies, or even 100pc FDI. About the on-going economic boom in the country, he said an investment of $4bn has been made in last four years to enhance productivity. Exports have grown by more than 40 percent.
Just very recently, a US business has decided to invest $100 million in a metal shredder facility and a Saudi Steel producer $150 million to produce 1000 tons steel billet in Karachi for export. Today over 300 major foreign companies are operating in Pakistan. -APP