Lahore, November 01, 2012 (PPI-OT): The Ambassador of Ukraine Volodymyr Lakomov has said that Pakistani Textiles, Pharmaceuticals, Herbal Medicines, Rice, Fruits, surgical goods, sports goods have a huge potential in Ukraine therefore Pakistani businessmen should avail opportunities in these areas.
The Ambassador was speaking at the Lahore Chamber of Commerce and Industry on Thursday. LCCI President Farooq Iftikhar presented Address of Welcome while Senior Vice President Irfan Iqbal Sheikh, Vice President Mian Abuzar Shad, former President Mian Muzaffar Ali, former Vice President Shafqat Saeed Piracha and Executive Committee Members also spoke on the occasion.
The Ambassador said that Agriculture and dairy sectors also have bright prospects for cooperation between the two countries. He said that Ukrainian government is working out visa liberalisation plan that would be a big step in bringing the businessmen closer. The Ambassador, who spent well over an hour at the Lahore Chamber of Commerce and Industry, said that a special focus is being given towards the dissemination of trade related information.
Volodymyr Lakomov said that the worth of Ukrainian Textile market is more than $7 billion but Pakistan has a very small share that could be increased with a little sector-specific effort. The Ambassador said that Ukrainian government is ready to extend maximum cooperation for Pakistani specific exhibition in Ukraine.
Speaking on the occasion, the LCCI President Farooq Iftikhar stressed the need for cooperation in energy, steel and technology. He said that Ukrainian engineering sector is another area where Pakistan can benefit from the processes and consequent product development.
Farooq Iftikhar said that Pakistani businesses were specifically eyeing the prospects of transfer of technology. Likewise, opportunities exist in cooperation between the heavy industry establishments in Ukraine and the emerging engineering sector in Pakistan in the form of joint ventures with third country market in view.
The LCCI President said that Ukraine is known for manufacturing top of the line turbines in the world. These turbines are available in wide range. Pakistan is facing acute energy crisis and we are in pursuit of utilizing all the available options of generating electricity ranging from hydro, thermal and gas so that can be one area of economic cooperation.
In the domain of natural resources, Ukraine is home to metals and alloys which are being utilized in the engineering and other sectors of the manufacturing activity. There is a need to explore that area for a mutually beneficial matchmaking.
The LCCI President also called for devising ways to update the information crucial for trade and investment. He said that Pakistan and Ukraine bilateral relations witnessed accelerated growth of bilateral relations with a number of important agreements signed as well as ratified between the two governments.
These include Agreement on Avoidance of Double Taxation, Agreement on Trade and Economic Cooperation, Agreement on Establishment of Pakistan-Ukraine Joint Inter-Ministerial Commission and Agreement on Establishment of Pakistan Ukraine Business Council (PUBC) between FPCCI and UCCI.
He said that Pakistani business community regards bolstering economic ties with Ukrainian economy on a long-term basis as an important step. For that matter, there have also been exchanges of business delegations in the past.
The LCCI President said that visa facilitation plays crucial role in letting the businessmen interact with each other. There is a concern among the businessmen that the Ministry of Foreign Affairs of Ukraine takes a lot of time in the verification of invitation letters for visas. In some cases, they have to wait for 20 to 30 days to obtain business visas.
The LCCI President said that the visa forms duly supported with Visa Recommendatory Letter of LCCI should be processed at priority. Farooq Iftikhar said that Pakistan’s banking sector has progressed a lot and can help Ukraine in developing banking network at a wider scale as the business community is very much concerned for the lack of proper banking system in Ukraine.
He said that Pakistan and Ukraine have yet to fully exploit the mutually available potential of trade and investment. Pakistan exports woven cotton fabrics, rice, woven fabric of synthetic staple, citrus fruit, sports goods, bed and kitchen linen, article of cutlery and electro-medical apparatus etc. to Ukraine. Similarly Pakistan imports fertilizers, dried vegetables, semi-finished products of iron, bars and rods of iron or non-alloy steel and coal etc.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854