ICCI hails Indian government decision for opening up FDI window for Pakistan

  • April 14, 2012
Islamabad Chamber of Commerce and Industry (ICCI) welcomes resumption of Pak-India economic relations as Indian government has taken decision in-principle to allow foreign direct investment from Pakistan.

 Yassar Sakhi Butt, President, ICCI chairing a meeting, welcomed the decision of Indian counterparts to open foreign direct investment gateway for Pakistan and termed it a highly positive step which could unleash many benefits for the people of both countries.

He was of the view that stronger economic relations between India and Pakistan would not only prove beneficial for both the countries, it would also contribute significantly in promoting regional integration and stability in South Asia.

ICCI President said that huge potential exists for increasing economic relations from the current level of bilateral trade which stood around $2.7 billion to more than $6 billion in coming years. He said that opening up of investment relation would likely to cut down the illegal trade between the two sides which was estimated to be worth billions of dollars.

Yassar Sakhi Butt also appreciated the decision of granting a year-long multiple-entry visas for business visitors to enter and exit through different cities and said that the decision would shut trade through third countries and provide benefit to both countries in long-term.

He said the people of both countries share a common border that gives both countries additional advantage to enhance many times the current level of bilateral trade.

ICCI President said that it is the era of economic collaboration and competition as many regions have already made big strides to promote trade by establishing regional block. However, South Asia was still considered a least integrated region due to which it was way behind in economic progress, he opinioned.

He said that the two countries should now focus on resolving other economic issues before moving on to more severe problems. ICCI President stressed the need for bringing more tariff reforms and proactive steps for reduction duty on exports items to India so that bilateral trade relations could be normalized in real terms.