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Pakistan has huge trade, investment potential but security concerns are coming in way that need to be addressed for economic revival: Czech envoy

Lahore, March 17, 2014 (PPI-OT): Pakistan has a huge trade and investment potential but security concerns are coming in the way that need to be addressed in the larger interests of quick economic revival. These views were expressed by the Czech Ambassador to Pakistan Miroslav Krenek was talking to LCCI President Engineer Sohail Lashari here at the Lahore Chamber of Commerce and Industry on Monday.

Vice President Kashif Anwar, Honorary Consul of Czech Republic Kamal Monnoo, former Vice President Saeeda Nazar, Executive Committee Members Chaudhry Muhammad Aslam, Talha Tayyab Butt and former Executive Committee Member Rehmatullah Javaid also spoke on the occasion.

The Ambassador said that Pakistan government would have to focus on law and order situation to attract foreign investment that is a key to early economic revival. He said that Czech is an attractive place to do business as the country is heavily dependent on exports.

He said that although Czech Republic was doing the most part of its trade with regional countries but still there was a room for Pakistani businessmen to join hands with their counterparts there. He said that the volume of bilateral trade was no match to the business potential, the two countries have therefore the Lahore Chamber of Commerce and Industry should come forward to play its role.

He said that engineering and production of power plants were the strengths of Czech Republic and Czech businessmen were ready to initiate joint ventures with their Pakistani counterparts in these areas.
The Ambassador said that there was a need to work together in order to identify possible fields of cooperation and to provide proper information to business communities of both sides.

Speaking on the occasion, the LCCI President Engineer Sohail Lashari said that the current level of trade between Pakistan and Czech Republic needs more concrete steps on both sides and foremost among them is the exchange of information.

He said that to cover up that information gap, it is necessary that Chambers of Commerce of both the countries are involved and delegations are organized on reciprocal basis besides arranging single country exhibitions.

He said there is a huge potential of trade between Czech Republic and Pakistan provided aggressive marketing is done by both the countries. Frequent exchange of business delegations and holding of single country exhibitions can be instrumental in raising trade and investment between our two countries.

He said Pakistan can supply products like surgical instruments, sports goods, fresh fruits and vegetables, carpets, handicrafts, rice, fish and its preparations, besides textiles and leather products. Pakistan’s strength lies in textiles.

The investment made by Czech Republic in medical equipment, pharmaceuticals and textiles in Pakistan would not only cater to the demand of Pakistan and Czech Republic for such commodities but would cater to the demands of a much expanded market of Central Asian States, Gulf countries, and other regional countries and even EU and USA. These potentials need to be seriously studied and monitored by the Czech businessmen.

Business environment in Pakistan has improved considerably. Pakistan’s investment policy offers attractive terms to foreign investors. 100% foreign equity has been allowed. No government sanction is required. Remittance of capital, profits, dividends, royalty has been allowed.

Engineer Sohail Lashari said that Pakistan’s major exports to Czech Republic include leather and textile products but these exports constitute a petty fraction of Czech’s total imports of these commodities. Similarly textile imports from Pakistan accounted for only 2.1 percent of Czech Republic’s total imports of textile products from the world. On the other hand Pakistan’s major imports from Czech Republic include machinery, paper and paperboard and electrical and electronic equipment.

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

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