LAHORE: Pakistan ambassador designate to Hungary Syrus Sajjad Qazi urged the Pakistani businessmen to evolve strategy to tape huge potential exists in Hungary.
He was talking to the LCCI president Sheikh Muhammad Arshad here at the Lahore Chamber of Commerce and Industry. The LCCI Vice President Nasir Saeed also spoke on the occasion.
Ambassador said that interaction with the Hungarian businessmen would enable Pakistan private sector to get access to the European market.
He said that he would make all out efforts to turn Pakistan mission into Hungary a match-making point for the business community in the two countries. He said that he would also utilize Hungarian media to highlight the soft image of Pakistan as in today’s world media is a strong tool to propagate information.
Speaking on the occasion, the LCCI president Sheikh Muhammad Arshad said that Pakistan is a good investment destination as there exist a lot of scope for economic cooperation between Pakistan and Hungary in a number of areas including energy, agriculture, livestock, textile and education.
He said that both the countries have their own strengths that should be tapped. He said that there should be some mechanism to exchange research data with each other that would help boost economic cooperation between the two countries.
He said that the Lahore Chamber of Commerce and Industry is focusing on exchange of business delegations so that the businessmen could have first hand knowledge about the available opportunities.
Sheikh Muhammad Arshad said that Hungary and Pakistan enjoy cordial diplomatic relations and have signed the agreement for avoidance of double taxation between the two countries which shows mutual willingness of promoting trade relations.
He said that Hungary is not among top trading countries for Pakistan because little information exists about financial and transport arrangements, trade regulations, custom laws, visa procedures, foreign investment policy etc., applicable in Hungary. Both the sides need to bridge the gap related to trade information and statistical data on reciprocal basis.
To expand the two-way trade and economic collaboration for mutual benefits, we have to put into operation various tools like single country exhibitions, frequent visits of trade delegations, close co-ordination between trade bodies like chambers of commerce & industry, he said
Sheikh Muhammad Arshad said that Pakistan can supply all types of textile goods such as ready-made garments, fabrics, knitwear, hosiery, shoes, towels etc. Pakistan is known world over for all types of leather & leather products, organic as well as inorganic agro-based products & food items, sports goods and surgical instruments etc.
The LCCI Vice President Nasir Saeed said that Hungary’s vast technical know-how in the fields of oil & gas exploration, chemicals and heavy industries may provide the basis for technology transfer in these areas to Pakistan. The presence of MOL Pakistan Oil & Gas Co. since 2004 in KPK which has done remarkable work for crude oil and gas discovery is indicative of the fact that there exists enormous potential for foreign companies in this sector.
Similarly, Nasir Saeed said, Pakistan offers great opportunities for joint ventures in sectors like food processing, agriculture, engineering (heavy & light) automobiles, auto-parts, tractors, harvesters, machine tools, cement, fertilizers, sugar, pharmaceuticals etc.
He said that another sector is power generation as Pakistan is following an energy centric policy now-a-days to meet its energy needs. Hungary may like to re-locate some of its hydel power machinery industry in Pakistan in view of liberal foreign direct investment adopted by Government of Pakistan or may simply supply such machines for our projects at competitive prices.
