No foreign firm has made losses in Pakistan: Commerce Minister

OTTAWA, Canada: The Commerce Minister Pervaiz Malik has said that no foreign firm has made losses in Pakistan, and invited members and officials of Ontario Chamber of Commerce to invest in Pakistan where there is no restriction on repatriation of profits and dividends.

In a meeting with the Ontario Chamber of Commerce in Ottawa at which the Chamber President Rocco Rossi and representatives of large multinational companies of Canadian origin were present, the minister briefed them on economic opportunities in Pakistan.

No foreign firm has made losses in Pakistan: Commerce Minister
Commerce Minister of Pakistan Pervaiz Malik and President Ontario Chamber of Commerce Rocco Rossi in Ottawa

The minister said besides the China-Pakistan Economic Corridor (CPEC), investors from the Unites States, United Kingdom, France, Germany, Japan, Switzerland, South Korea and the oil rich Gulf States are investing in Pakistan.

Pervaiz Malik said that Pakistan has overcome socio-economic and security related challenges and laid down the foundation of sustained economic growth in the Country.

“The government’s prudent policies have restored macroeconomic stability and improved security situation has created favourable environment for economic growth”, he said.

The commerce minister said that according to World Data Atlas, Pakistan joined the club of trillion dollar economies in 2017. Similarly, Price Water House Coopers Report 2017 has projected Pakistan to become the World’s 20th largest economy by 2030.

The minister said that Pakistan has also improved in the Ease of Doing Business indicators, and the Country has been recognized as one of the top ten performers globally in business regulation.

Furthermore, the minister informed that the Pakistan’s Gross Domestic Product (GDP) growth increased to 5.2 percent in 2017, the highest in 10 years. Likewise, agriculture accounts for 19 percent, Industry 21 percent and Services sector has reached 60 percent of GDP in 2017. Pakistan’s Investment Policy, one of the most liberal in the region, provides conducive environment for attracting Foreign Direct Investment (FDI), he added.

The Ontario Chamber of Commerce while briefing the minister said that Ontario Chamber of Commerce represent 60,000 large and small businesses in Ontario.

Rocco Rossi appreciated the vibrant Pakistan entrepreneurs who are contributing to Canadian economy. He expressed the desire to forge enhanced trade relations with Pakistan.

The members of Ontario Chamber, doing business in Pakistan, informed about their experience in Pakistan and invited their colleagues to first visit Pakistan and see the opportunities that are available for profit making.

The chamber agreed to boost ties with Chambers of Commerce and Industry in Pakistan through exchange of visits.