KARACHI, Jan 13: Singapore traders have offered their cooperation and joint venture in construction, education, telecommunication, packaging, cable, chemicals and information technology sectors.
Speaking at a luncheon meeting with members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at Federation House on Monday, the leader of visiting 17-member Singapore Trade Mission Dr. Toh See Kiat said that there is a lot of potential to increase bilateral trade.
“We are here to explore trade potential,” said Dr. Kiat adding that many of the participants are interested in investing in Pakistan.
He said a similar, but large scale delegation would visit in April this year.
He said that Singapore has a lot of expertise in the fields of education and information technology and many Singapore companies can offer their services for transfer of those technologies.
The leader of Singapore delegation said that visit of the trade delegation would help improve Pakistan’s image. He said there is fear and apprehension in Singapore traders, particularly after September 11 incidents.
He said the Singapore economy is presently passing through a difficult period of recession. The unemployment rate, which was only 2pc during the last 20 to 30 years, has increased to 5.5pc these days, he added.
He said that he and other members of the delegation would recommend the Singapore government to soften the visa policy.
He said Pakistan has a potential to export its rice and other products to Singapore.
To a question regarding incentives to set up a company in Singapore, he said that registration of a company is very easy and anyone can set up it even with two Singapore dollars. The registration can be made online through Internet, he added.
However, he said there is no tax incentives for all the industries. Only oil, commodities, bio-tech and chemical industries are given incentives, he added.
The leader of Singapore trade mission said that Singapore is the largest oil refinery in the world after the US.
During visit to KSE, the trade delegation was impressed by swift transformation of the bourse from conventional trading system to paperless, high-tech market with drastic reformation within last three years. The leader of the mission Toh See Kiat said the main purpose of the visit was to take benefit from the experience of each other.—APP
Our Staff Reporter adds: The Singapore trade mission during its visit to display centre of the Export Promotion Bureau (EPB) appreciating the quality and standard, shown keen interest in Pakistani products.
The leader of the delegation, Dr Toh See Kiat put several questions to the EPB officials and inquired about trade regulations and possibilities of import, export and joint ventures with Pakistani companies. They also held meeting the chairman and vice chairman of the EPB.
The Singapore trade mission is one of the largest trade delegation visiting Pakistan after 9/11 incidents and the subsequent war in Afghanistan.
Singapore, with its imports of $106 billion per annum, can be a huge market for the Pakistani products. The visit of the delegation is expected to enhance exports to Singapore from the present exports of $44 million only.
The members of visiting Singapore delegation belong to different sectors like construction sector, telecommunication, cable and wires, auto parts, surgical instruments, chemicals, fruits, gems and jewellery, knitted fabrics, fretted doors and defence surveillance communication.
DUE IN LAHORE: The trade mission from Singapore will arrive in Lahore from Karachi on Tuesday.