KARACHI: The visiting foreign buyers have placed orders worth $517 million and signed 15 memorandum of understanding (MoU) at the 6th Expo Pakistan with a major breakthrough witnessed in Information Technology (IT).

A Polish company is in talks with a local IT company to finalise a partnership deal with tentative business of $1 billion, which is a sign that Pakistan is also competitive over regional countries in the IT field.

This was stated by Trade Development Authority of Pakistan Chief Executive Tariq Iqbal Puri while giving a sort of roundup ofthe mega event to media at Karachi Expo Centre on Saturday.

He said that during two days a record 1,650 business-to-business (B2B) meetings between buyers and Pakistani exhibitors-cum- manufacturers were held and foreign buyers made 1,093 visits to different stalls at the expo.

Puri disclosed that M/s Ormita of Hong Kong had signed a MoU with Pakistani food company M/s Alpha Dairies of $120 million for first year with a provision to go up to $300 million.

The success of the expo could be judged from the fact that some of the foreign delegations are being headed by their ministers or high trade officials. Chinese delegation, he said, is being headed by vice chairman China Counsel for Promotion of Trade.

Similarly, he said that Malaysian delegation is being headed by Haji Abdul Maalik, Penang State Minister and Madagascar delegation is headed by Minister for Trade, the TDAP chief added.A big turnout of 500 foreign visitors from 52 countries despite security concerns is a testimony to the fact that foreign buyers still prefer Pakistan as their source of supply, he maintained.

The TDAP chief said that many foreign buyers were extending their stay and were holding meetings and some were also visiting production facilities.

As per TDAP plans, he said in coming years the Expo will be gradually given international posture and already Chinese and Japanese stalls in the expo to mark the 60th anniversary of relationship with Pakistan.

The main objective of holding trade fair is to increase country’s exports so that lesser bill of imports is footed.

He disclosed that M/s Iftikhar Ahmed Co secured export orders worth $4 million for fresh vegetables and value-added fruit products.

Furthermore, he said that delegates from UK, Russia, and Holland had shown keen interest in importing fresh fruits from Pakistan. The TDAP chief said that hopefully the next expo would be held in October.

Around 22 commercial counsellors of Pakistan from different countries are also accompanying delegations from respective countries.

He admitted that some problems were faced by foreign visitors and this was mainly because that such a high turnout was not expected at any level and hoped that next time more and better facilities would be arranged.