Pak-India can increase trade volume up to $ 10 billion: Mandviwala

ISLAMABAD: Chairman Board of Investment BOI is on 3 day visit to Russia to represent Pakistan at International Economic Forum in St. Petersburg. The event is one of the world’s leading discussion forums, bringing together prominent politicians, corporate executives and experts to deliberate on key issues of the global economy.

On the occasion, Saleem H. Mandviwala, Chairman Board of Investment met Anand Sharma, the commerce Minister of India, along with the ambassadors and trade representatives of both sides in a warm and cordial environment. Both Pak-India sides agreed to resolve the major defiance of illegal trade between the two countries.

BOI Chief said that the trade which is taking place through informal channels adds additional costs to the traders which are ultimately bourn by the end consumers of both the countries. By removing barriers we can reduce these additional costs and can increase the trade volume up to $ 10 billion and can also reduce our dependence on the other global sources of trade which are relatively costly.

Talking about the reluctance of business community’s interaction, the Indian commerce minister stated that this is due to the misperceptions which are impeding such direct contact which should be cleared through encouragement to the business communities by the leaders of both sides. He also expressed that the visa policies should also be revised to facilitate and encourage the investors.

Chairman board of Investment said that we should revive our relations in the context of major economic developments currently taking place in the world and in view of Russia’s growing dependence on the eastern world. It is essential for us to increase economic relations with Russia in such a way that the countries of South Asia become an essential part of the revising economic strategy of Russia.

The BOI head stated that the trade communities of both sides should have a closer interaction with each other to explore the opportunities in the field of trade and investment.

Anand Sharma, the Indian minister stated expressed that business communities are encouraged to realize that Pakistan has revised its long positive list of imports other than smaller negative list thereby increasing the opportunities of trade with India. He further added that economic prosperity in two countries will bring peace and India wants to see Pakistan a stable and strong country.

The head of BOI invited the Indian Commerce Minister to visit Pakistan and encourage Indian business community to come to Pakistan. In the end both sides assured that the initiatives taken by both side in the field of investment and trade will be realized with enthusiasm and warm response.

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