Trade Coordination Centre will be established at the Lahore Chamber of Commerce and Industry

Lahore: Trade Coordination Centre will be established at the Lahore Chamber of Commerce and Industry to facilitate contacts between the Chambers of the member countries.

This was stated by the LCCI President Irfan Qaiser Sheikh while addressing a Press conference here in the Lahore Chamber of Commerce and Industry. LCCI Senior Vice President Kashif Younis Meher, Convener OIC Committee Husnain Reza Mirza and Co-Convener Mehmood Ghazanvi also spoke on the occasion.

The LCCI President said that at the recently held OIC Ambassadors Conference, it was approved that the Lahore Chamber of Commerce and Industry would be used as the Secretariat of this Coordination Centre while the Ministry of Foreign Affairs will formally inform the OIC and ICCI Headquarters and will get it confirmed by the OIC Council of Foreign Ministers (CFM).

Irfan Qaiser Sheikh said that the OIC Ambassadors had also recommended an economic summit of the OIC Countries involving the private sectors should also be arranged three to four months time.

He said that the summit would consider setting up of single currency, a common bank and a trading bloc on the pattern of European Union that would be a great achievement by all means.

The LCCI President said that it was also recommended that the OIC members should ratify and make operational the Preferential Trade Agreements (PTAs), Free Trade Agreements (FTAs) and facilitate intra-OIC trade for the establishment of OIC common market.

The Ministry of Foreign Affairs, government of Pakistan, will also request to the Islamic Development Bank to financially support the research projects of the Lahore Chamber of Commerce and Industry.

Irfan Qaiser Sheikh said that it was also agreed that the representative Chambers of OIC Member States will create electronic data base on the trade and investment policies, the tariff structure on their website and to share it with Chambers of Commerce and Industry in Pakistan in electronic as well as printed form.

It was also recommended that the OIC Member Governments would be encouraged to consider facilitating business travelling within the OIC Countries by introducing “OIC Multiple Entry Business Visa” for a period of five years on the recommendations of respective Chambers and the Ministry of Foreign Affairs will propose the OIC business visa during the next CFM meeting.

The LCCI President said that a request would be forwarded to the OIC Missions in Islamabad to introduce a fast track visa issuance mechanism to facilitate travel of business community to their countries on the recommendations of respective Chambers.

The OIC Member Governments support the promotion of small and medium enterprises (SMEs) in the OIC Member States as an important segment of the economy for the development of trade.

The Conference also recommended that the Islamic Development Bank would asked to encourage and support through simplified procedure the private sector projects which could lead to value addition for export oriented production.

A request would be made to the Islamic Corporation for the Development of Private Sector ICIEC and ITFC for the simplification of their procedures for providing the lines of credit and finance to the domestic banks of the OIC Member States for the private sector projects.

“The Islamic Development Bank to initiate steps for the capacity building and economic empowerment of the women for encouraging their participation in establishing their own businesses.”

The Islamic Chamber of Commerce will facilitate exchange of expertise in various sectors to serve the common interest and development of industry and trade among OIC member states.

Request the Islamic Chamber of Commerce for exploring the investment opportunities in Pakistan’s Energy, Agriculture, Livestock, Infrastructure and other sectors of the economy.

The OIC member Countries will initiate protective legislation investments and avoidance of double taxation regimes. The OIC Member Countries to have frequent trade exhibitions and invite Chambers of Commerce, Agriculture, Industries, Mines and Natural resources of each other for better and direct cooperation.

Governments of OIC Countries to facilitate contacts between business communities of Member Countries. In this regard, the already concluded agreements must be implemented.

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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