Pakistan and Singapore exchanges trade relations

Karachi, February 25, 2019 (PPI-OT): A high powered trade and investment delegation from Singapore under the leadership of Mr. Shamsher Zaman, Ambassador of Singapore in Jordan and Chairman South East Business Group, consisting of prominent businessmen and representatives of leading enterprises of Singapore visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Head Office Karachi and held a meeting with its members under the Chairmanship of Engr. Daroo Khan Achakzai, President FPCCI. Ali Haider Zaidi, Federal Minister for Maritime Affairs was the Chief Guest of the meeting and S. M. Muneer was Guest of honour.

Engr. Daroo Khan Achakzai, President FPCCI in his welcome address said that Singapore and Pakistan although enjoy friendly bilateral relations but the volume of trade – 933 million US dollars in 2018 – is not upto the actual potential of trade of both the countries which needed to be further explored and exploited. He disclosed that Pakistan is the second largest economy in South-Asia with the growing middle-east class. He further added that Pakistan’s exports to Singapore was only 68 million US dollars while its imports from Singapore were 865 million US dollars which is highly in favour of Singapore.

Engr. Daroo Khan Achakzai identifying the business opportunities in Pakistan said that Pakistan is an agriculture country and as such offered world best fruits and vegetables for export to Singapore. Moreover, Allah has also blessed Pakistan with good quality of mines and minerals and agri-products besides its strategic location at the hub of Middle-Eastern countries and Central Asian States (CAS). He therefore, invited the Singaporean investors to invest in Pakistan in the areas of energy, infrastructure, healthcare, education, consumer goods, professional services etc. In addition to it, the Chamber Chief added that the CPEC offered huge opportunities of investment for a wider region, bringing economic development, greater connectivity and regional security.

Mr. Shamsher Zaman, leader of the Singaporean delegation who is also the Ambassador of Singapore in Jordan and Chairman South East Business Group speaking on the occasion said that Singapore and Pakistan’s long standing bilateral relations have been characterized by reciprocity and cooperation and said that Pakistan was one of the first countries to recognize Singapore soon after its independence in 1965. He disclosed that Singaporean expertise and experience in urban planning and ports and shipping can be beneficial for Pakistan in construction of 5 million low cost houses in the next five years and development of shipping sector.

Speaking on the occasion S.M. Muneer highlighted the lucrative incentives as offered for foreign investment in Pakistan. He appreciating the economic policies announced by the Prime Minister said that these would go a long way in flow of FDI in Pakistan. Mr. Ali Haider Zaidi, Federal Minister for Maritime Affairs said that Singapore was the role model for all the developing countries and the vast opportunities of bilateral trade and investment needed to be explored and exploited. He hoped that the meeting would open a new vista of cooperation between Pakistan and Singapore, bringing economic prosperity for the masses of both the countries.

Dr. Mirza Ikhtiar Baig, Sr. Vice President of FPCCI and Mr. Shamsher Zaman, leader of the Singaporean Delegation jointly chaired the Technical Session of the meeting, consisted of Presentations on CPEC Investment Opportunities; Investment Opportunities in Gwadar; Emerging Investment Opportunities in Pakistan; Banking System in Pakistan and Potential Avenues for Financial Cooperation between Pakistan and Singapore; Tax and Legal System in Pakistan. Pakistani and Singaporean counterparts also held the B2B meetings. On the conclusion of the inauguration session, the FPCCI and SBF signed MOU whereby they will be facilitating each other in promotion of trade and economic relations.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332