Category Archives: Business Events

Pakistan, India firm on improving trade ties: Fahim

LAHORE: Makhdoom Amin Fahim, the federal commerce minister, said on Saturday that local businessmen will also go India for a single country exhibition soon on the pattern on The India Show.
Speaking at the inaugural ceremony of The India Show at the Expo Centre, Lahore, he said that now the Pakistan-India trade relations would move forward reciprocate basis.
“Both governments are determined to ensure normalisation of trade and economic relations and the Indian exhibition is part of the efforts being put in this direction,” Fahim asserted.
He said that the government was well aware of reservations being expressed by certain sectors of the economy.
He, however, urged the Pakistani pharmaceutical manufacturers to bring down prices of their products to compete with Indian pharma companies. He said discussions are underway for three-year multiple visas for the business community.
Later talking to the media, Fahim said that the existing infrastructure at Wagha border was insufficient to handle the volume of bilateral trade.
“Things are gradually improving on both sides and infrastructure development was also underway,” he said and added that the stakeholders from both the countries were meeting to resolve issues faced businessmen and that no decision would be made in haste. However, he did not respond to a question that India has yet remove non-tariff barriers.
Sharat Shabarwal, the Indian High Commissioner, speaking on the occasion, said that the India wants to share its growth potential with other countries especially with its neighbours. He said that India wants to enhance corporation and bilateral trade with Pakistan. But he admitted that the visa regime was the main hindrance in the promotion of bilateral relations and added that the visa will be eased soon.
He said that a wide range of products is being displayed by Indian manufacturers in The India Show which will pave the way for promoting future trade ties.
Speaking on the occasion, Irfan Qaiser Sheikh, president Lahore Chamber of Commerce and Industry (LCCI) said that the India Show 2012 would lay a new milestone in the history of Pak-India relations. He said that Pakistani business community would also hold the same kind of event in India soon.
He said that documented bilateral trade between India and Pakistan is around $2 billion whereas the actual potential is around $10 billion.
Iftikhar Ali Malik, vice president of the Saarc Chamber, termed The India Show as a start of a new era in Pakistan-India relations. “It will not only further strengthen relations between the two sides but would also give a considerable boost to the bilateral trade,” he said and added that trade among regional countries was the best answer to ongoing global financial crisis.
After the ceremony, the Federal Minister formally inaugurated the exhibition and took round of the hall. LCCI’s senior vice president Kashif Younis Meher, vice president Saeeda Nazar, US Consul General in Lahore Nina Maria Fite, former senior vice president Abdul Basit were among the prominent personalities who were present in the ceremony.