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| TRADE TIES |
New Delhi, Dec. 4: Pakistan is banking on Indian technology to boost its competitiveness as trade relations between the two countries improve. It is even looking beyond the liberal trade ties between New Delhi and Islamabad to an investment pact that will bring in more Indian funds.
“At present, the technology and machinery we have in almost every sector is outdated. We are using the same English machinery that was procured decades back,” said Rehan Anis, director (operations) of Karachi-based IBL Chemicals Limited.
“If trade ties with India become a reality, we would get the latest machinery from here. We would finally be able to expand our business and may export to other countries as well,” he added.
For businessmen in Pakistan, good trade ties with India will ensure a steady supply of high-quality raw material, technology and research and development that will help them to expand their businesses.
Last month, as many as 50 top businessmen from Pakistan met their Indian counterparts to identify potential areas for co-operation .
The meeting also deliberated upon the hurdles to expanding bilateral trade.
“Many business opportunities can be explored once the negative list is made final. We want India to invest in various sectors and help us to modernise our industries,” said Nasir-ud-din Sheikh, chairman of the standing committee on fairs and exhibitions, Federation of Pakistan Chambers of Commerce and Industry.
Pakistan has agreed to open its market to over 7, 000 items from India in the next three months.
At present, Islamabad allows the import of only 1,946 items based on a positive list. From February 2012, Pakistan would shift to a negative list of a few items, which meant a majority of the items outside the negative list would be allowed to be imported.
By the end of 2012, it has agreed to do away with the negative list. This would virtually mean granting the Most Favoured Nation (MFN) status to India.
India’s home ministry and Pakistan’s interior ministry have arrived on a “broad agreement” on a liberalised visa regime for businessmen of both the countries. For big companies, the two sides will grant multiple-entry visas valid for a year, said Arvind Mehta, joint secretary at India’s commerce ministry.
At a meeting organised by Ficci with Pakistan’s business delegation, Mehta said, “The one-year multiple-entry visa would allow business persons to visit up to 10 cities with no requirement of a police report and no restriction on places of entry and exit.”
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