Minister for Commerce Syed Naveed Qamar has invited Argentine businesses to profitably invest in Pakistan, particularly in the Special Economic Zones created by the China-Pakistan Economic Corridor (CPEC).

According to a press release received by WealthPK, Naveed Qamar extended the invitation during a meeting with Cecilia Todesca Bocco, Argentina's Secretary for International Economic Relations, Ministry of Foreign Affairs, International Trade, and Worship, while on an official visit to Buenos Aires to take part in the 43rd Annual Forum of Parliamentarians for Global Action.

 Naveed Qamar, who is also the President of Parliamentarians for Global Action, urged Argentine exporters to use Gwadar Port as a transit and transhipment hub for exporting agricultural products to western China, Afghanistan, and Central Asia, as those routes were the quickest.

Regarding bilateral trade between Pakistan and Argentina, the minister stated that despite the COVID-19 epidemic, there was a positive increase in the financial year 2021–22; it increased to $253 million from $191.56 million the previous year. Argentina's imports increased by 28.75%, while Pakistan's exports to Argentina increased by 48%, however, he highlighted that the existing level of commerce between the two nations is insufficient given their potential.

Naveed Qamar also encouraged Argentina to help Pakistan's efforts to begin talks on its desire for a preferential trade pact with Mercosur, since little progress has been made so far despite the framework agreement being signed in 2006.

The commerce minister briefed the Argentine side on the Pakistan government's budgetary and tariff changes as well as on Pakistan's economic recovery following the epidemic. He specially mentioned the ease of doing business and the reforms undertaken by Pakistan to improve the business environment.

He said that Pakistan's liberal investment policy, which provides a comprehensive framework for fostering a business environment favourable to the attraction of FDI with liberalisation, de-regulation, privatisation, and facilitation as its cornerstones, has helped the country move up 39 positions in the World Bank's Ease of Doing Business Index over the last two years to be ranked 108th.

Additionally, Naveed Qamar invited Ms Cecilia Todesca Bocco to Pakistan and urged businesspeople in the textile and leather industries to attend TEXPO-2022, Pakistan's premier fashion and textile show, which is scheduled to take place in Karachi from May 26 to 28, 2023.

In her remarks, Cecilia Todesca Bocco expressed her sincere gratitude for the visit and provided a brief overview of the ministry, its policies and the initiatives taken to advance trade between Argentina and the rest of the world.

She highlighted the progress made in the last two years in the diplomatic and economic relations between Pakistan and Argentina, with special reference to the organising of the Bilateral Political Consultations and the historic meeting of the Pakistan-Argentina Joint Commission in May 2021, after an interlude of almost 12 years. The joint commission brought stakeholders from several departments and sectors from both sides around a single table.

Ms Todesca acknowledged the need for further economic cooperation with Pakistan and stressed the need for cooperation in the fields of agriculture, livestock, pharmaceuticals, and information technology.

Credit : Independent News Pakistan-WealthPk