Honorable Minister for Commerce and Textile, Government of Pakistan, Maqbool H H Rahimtoola visited the Dubai Textile City (DTC) along with delegation members. Dubai Textile City has state-of-the-art warehousing-cum-front business office facility for textile manufacturers, exporters, merchandizers and buying houses. DTC also offers exhibition, matchmaking and networking facilities. DTC sits at the center of a 1.4 billion booming consumer market extending from the CIS to Africa and the Indian subcontinent. Commerce Minister of Pakistan appreciated the facilities offered in the DTC and emphasized on the need to integrate the textile value chain with Pakistan. The Minister highlighted Pakistan competitive advantage in Textiles and clothing. Synergies between DTC and Pakistani manufacturers will create win-win situation for all. He further gave a business proposition to the DTC management that the DTC can offer showroom and matchmaking facilities in the low-end textiles especially fabric, bed-linen, towels, home textiles and denim in the first phase and then graduating to high-end value-added designer textile and clothing. DTC offered to sponsor a trade delegation or to hold an exhibition for Pakistani textile manufacturers with business networking and matchmaking services. They also offered business front-office and warehousing facilities for the Pakistani textile merchants. The Chairman DTC offered free use of their exhibition hall to the Pakistan’s Minister to introduce Pakistan Textile products to Dubai and DTC Buyers.p>
Pakistan Business Council (PBC) is an apex trade body of expatriate Pakistani entrepreneurs’ in Dubai, UAE working under the patronage of the Dubai Chamber of Commerce and Industry. President of the PBC welcomed the Mr. Maqbool H. H. Rahimtoola, Minister for Commerce and the other delegation members and highlighted various trade and networking activities of the PBC Dubai. The President hoped that the ensuing General Election scheduled on May 11, 2013 will pave for a stable, secure and democratic Pakistan with Good Governance and business friendly policies. Minister for Commerce thanked for hosting the dinner providing an opportunity to connect Pakistani expatriate businessmen and entrepreneurs. He thanked the PBC members for their support to Pakistan, as UAE now is the third largest investor in Pakistan, with remittances of US$ 2.84 Billion and trade of US$ 9.96 Billion which has all to their credit. Pakistan is proud of its nationals working abroad. Chairman, BOI Sindh also gave speech to invite Pakistani expatriates to invest in Pakistan’s energy, education and industrial sectors to develop our country.
A meeting was held between Mr. Maqbool H.H. Rahimtoola, Minister for Commerce, Pakistan and Mr. RishadBathiudeen, Minister for Industry and Commerce, Sri Lanka. Pakistani Minister raised the issue of non-tariff barriers and market access restrictions on Pakistani investment especially in light engineering, sector (establishment of pipe factory in Sri Lanka by Pakistani Investors). The Sri Lankan Minister promised to revert to Pakistan on Investment irritants within a month. Pakistan may also formally take up with Sri Lankan Investment Board of Investment Authorities. Minister informed that Pakistan enjoys 80 percent steel pipe market in Sri Lanka this signifies Pakistan’s cost and quality competitiveness. Both sides agreed to form a small functional task force to sort out bilateral trade and investment barriers. There was an agreement to deepen the liberalization in goods, services and investment sectors.
The Fifth Technical Level Meeting on Pakistan-Sri Lanka Free Trade Agreement (PSFTA) was held at Islamabad from 29-30 April, 2013. The Meeting was co-chaired by Mr. Munir Qureshi, Secretary, Ministry of Commerce, Government of Islamic Republic of Pakistan and Mr. Anura Siriwardena, Secretary, Ministry of Industry and Commerce, Government of Democratic Socialist Republic of Sri Lanka. Mr. Munir Qureshi attributed successful working of PSFTA as a result of dedication, hard work and spirit of accommodation displayed by both sides. He, however, noted that the present trade figures are far below the trade potential of the two countries. He emphasized upon the need to enhance the existing level of trade and commerce through greater interaction. He further evinced keen desire to broaden and deepen the PSFTA by including Investment and Services in its ambit. The Secretary hoped that 5th Technical Level PSFTA Meeting in Islamabad would play a vital role in devising ways and means to give a much needed boost to existing volume of trade.