Prime Minister Syed Yousuf Raza Gilani has said that despite the scourge of terrorism at home and in its neighbourhood, Pakistan is still one of the most attractive destinations for doing business and investment. Speaking at the inaugural ceremony of the Sixth Expo Pakistan held at Sindh Governor's House on Wednesday.

The Prime Minister said the Ministry of Commerce had announced a three-year Strategic Trade Policy Framework to provide a long-term policy framework of sustainable businesses.

This would enable them to plan expansion and growth. He urged the concerned government agencies to simplify procedures, reduce red-tapism, and enhance transparency and efficiency towards creating a business-friendly environment.

The sixth Expo Pakistan, organised by Trade Development Authority of Pakistan, is being held at Karachi Expo Centre. Sindh Governor Dr Ishratul Ebad Khan, Chief Minister Syed Qaim Ali Shah, federal ministers Farooq Sattar and Babar Khan Ghori, federal commerce secretary Zafar Mahmood and Speaker Sindh Assembly Nisar Khohro were also present on this occasion.

Gilani said Pakistan is endowed with exceptional human and natural resources which offer excellent opportunities for developing mutually beneficial business. "However, there is a need to harness the potential to the full extent in order to give impetus to our economy," he added.

In Pakistan, the Prime Minister said, the growth rate is not at a desirable level due to multiple problems. "However, this year's remarkable growth in exports is a testimony to the great potential of our export sector which demonstrates the country's capability and indeed refutes the notion of sluggish economy and it clearly establishes the resilience of our businessmen and of the economy," he added.

"While the leaders of our industry help lead our country on the path of prosperity, it is imperative that we provide them the most effective and timely support for making businesses more competitive and attractive," he said. "In this regard, the President and I have been emphasising Pakistan needs Trade not Aid," he added.

He said the government has made concerted efforts to acquire better market access for Pakistani products in the world markets. The EU's offer at the WTO to Pakistan for duty free access to goods from 75 tariff lines is just one example of such endeavours of the government. By 2014, Pakistan expects to qualify and benefit from the EU's import preferential treatment under the GSP Plus regime allowing duty free access for all the products of Pakistan exports.

He said Pakistan has already entered into preferential and free trade agreements with China, Malaysia, Sri Lanka, Iran, and Mauritius. He strongly urged exporters to take full advantage of the market access opportunities of the bilateral agreements.

"We are also making concerted efforts to enhance regional trade with our neighbours," he said and added that the recently-held trade talks between India and Pakistan are moving in the positive direction. On the global scene, he said, a major shift is surely but steadily taking place through economic redistribution amongst the world community. Most observers agree that economic gaps between the West and the Asian economies are shrinking to the advantage of Asia.

"In particular, our neighbours, especially China, are seen as the engine of growth for the world economy in the coming decades. They are heading with nearly double-digit growth rates bringing millions of their citizens out of the shackles of poverty as their economies generate wealth at a worth mentioning pace," he stated.

According to him, the Expo Pakistan has become an annual event held at the cosmopolitan city of Karachi to showcase a complete range of quality products and services offered by Pakistan. It is heartening to see such a large gathering of foreign guests, he added.

He recalled that he had declared the year 2010-2011 as the year of exports. "It is most gratifying that we achieved the milestone of $25 billion exports this year," he said. Of course, it was made possible through combined efforts of the public and private sector, he added.

He congratulated all the stakeholders whose collective efforts have made this year truly the year of the exports. "We do realise the hardships of the business communities who are facing severe problems in the face of energy outages and still they have outperformed," he said, adding that it is the ingenuity and hard work of the Pakistani entrepreneurs that made the difference. "Having said this, the democratic government is fully cognisant of these difficulties and is taking appropriate steps to overcome all such problems to facilitate the undertaking of businesses in the country," he said.

He said that he had performed the ground-breaking of the Daimer-Basha Dam only one day back, which would not only add 4500 megawatts to the national grid, but also provide a solution in controlling the floods and also provide sufficient water to irrigated country's vast cultivable lands.

He mentioned that a meaningful headway has been made by his government and a recent acknowledgement of this fact is a World Bank Report "Ease of Doing Business in South Asia", which has ranked Pakistan as one of the attractive investment destinations in the region.

The PM said: "To illustrate this, the recent experience of a Spanish company, EL CORTES INGLES, is worth mentioning. This multibillion-dollar company with a large network of departmental stores in Europe visited Pakistan on the invitation of TDAP with more than 30 buyers last year.

They found a large range of competitive product and of high quality. The company Chief Executive wrote: 'Perhaps it is not the level of insecurity but the view that the media gives to Western citizens which restrains their travelling to Pakistan.'"

Resultantly, the prime minister said, the Spanish company appointed an Exclusive Buying Agent for Pakistan, and orders have already started to pour in. "I am confident that those foreign friends, who have chosen to be our guests at this Expo, will also be pleasantly surprised to find Pakistan a profitable place to do business," he said.

The Prime Minister announced a cash bonus for TDAP employees equal to two basic salaries for their efforts towards making Expo Pakistan a major success. Federal Commerce Minister Makhdoom Amin Fahim said that the country has witnessed the highest-ever growth in its exports of $25 billion in FY2010-11.

"We want to continue this momentum," he said and added the commerce ministry is making more efforts towards increasing country's exports. In this regard, he said preferential trade agreements are being signed with Indonesia and Turkey. The commerce ministry is moving for second phase of free trade agreement with China. Recently, a delegation had visited India and it is expected Pakistan's trade relations with India would be normalised, he added.

The Chief Executive of TDAP Tariq Iqbalpuri said over 600 foreign guests from 15 different countries are participating in this expo. He said 285 exhibitors from diversified sectors are showcasing their products from international and local buyers.

SOURCE: BUSINESS RECORDER