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Lahore Chamber of Commerce and Industry call for strategy to showcase to world investment opportunities

Lahore, November 07, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry Wednesday called for an altogether new country-specific strategy to showcase to the outer world the investment opportunities available in Pakistan and to highlight the strength of economy and country’s strategic location.

The LCCI Senior Vice President Irfan Iqbal Sheikh and Vice President Mian Abuzar Shad were talking to newly appointed Ambassador-designate to Japan Farukh Amil who called on them before leaving for Japan to take charge of his new assignment.

LCCI Executive Committee Members Mudassor Masood, Mian Zahid Javaid Ahmad and Nasir Hameed Khan were also present on the occasion. The LCCI office-bearers informed the Ambassador-designate that identification of new areas of cooperation and dissemination of trade-related information in an expedited way are the areas need to be focused on priority basis.

They said that the commercial sections of all the embassies abroad would have to play an active role for giving much-needed quantum jump to Pakistan’s exports. “Commercial Section should keep itself abreast of the demand of the Japanese for imported goods and to get engaged with Japanese business circles.”

The LCCI office-bearers said that Japan of on of the trillion economies of the world but unfortunately Pakistan share in its business with the outer world is negligible.

They said that Pakistan’s exports to Japan in 2011 were only $206 million while the imports were 1,860 million dollars against Japan’s total imports of $854 billion and exports $823 billion.

Major exports of Pakistan to Japan consist of cotton yarn, petroleum products, woven cotton fabric, vegetables, electro medical apparatus, leather, leather garments, carpets and sports goods etc.

The main imports from Japan are cars, vessels and other floating structures, products of iron, trucks, parts and accessories of motor vehicles, textile machinery and etc.

Pakistan’s Embassy should have complete knowledge of export potential of Pakistan, which should be shared with Japanese businessmen and investors.

The LCCI Office-bearers also urged the Ambassador to arrange sector-specific delegations of Japanese businessmen to visit Pakistan to explore the opportunities of trade and investment in Pakistan. Active engagement of the business community, exchange of trade delegations, exhibitions of products and socio-cultural programs in each other’s country can be very helpful.

The LCCI office-bearers said that so far around 64 Japanese companies are operating in Pakistan against 100 in India. The share of Japan in Foreign Direct Investment in Pakistan is very low and Japanese investors to must be encouraged to put their money in new ventures in Pakistan.

The Ambassador-designate to Japan Farukh Amil, speaking on the occasion, thanked the LCCI office-bearers for updating on the issues coming in the way of Pak-Japan trade. He said that he would be doing his best to motivate the Japanese investors for investment in Pakistan or Joint Ventures with Pakistani businessmen.

He said that availability of trade-related information would be the other area, he would be taking care of after joining the office of the Ambassador.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

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