Pakistan safe country
Canada is keen to further strengthen economic ties with Pakistan as it is a safe country and a good business destination for foreigners, said Leader of Opposition and head of delegation of the legislative assembly of Ontario, Canada, Patrick Brown.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Brown said Pakistan had a huge potential particularly for Canadian businessmen and underlined the need for close contacts between the businessmen through use of modern technology in order to develop networks for sharing each other’s experiences.
He asked Pakistani businessmen to initiate joint ventures with their Canadian counterparts.
The existing volume of bilateral trade had no match with the potential in the two countries, he said, citing the expertise of Canada in green technology that could be of great benefit to Pakistan.
The delegation leader announced that he would share what he experienced in Pakistan with fellow parliamentarians and highlight the soft image of the country.
Speaking on the occasion, LCCI President Sheikh Muhammad Arshad voiced the hope that the Canadian delegation’s visit would help explore such opportunities where people from both sides could jointly start business ventures.
He was of the view that Pakistan was not only self-sufficient in the food sector but also had the capacity to supply processed food. “Through big food chains we can significantly increase its demand,” he said. Arshad pointed out that development work on the $46billion China-Pakistan Economic Corridor was being carried out at a good pace. “It is a big opportunity with regard to the economic future of Pakistan; we urge that Canadian investors should also participate in it.”
He also suggested that the investors could play a role in encouraging relevant Canadian companies to initiate power projects in Pakistan through hydel, thermal, solar, bio and alternative resources.
In 2013, bilateral trade stood at $356 million, which rose to $582 million in 2014. The main reason, Arshad said, was a substantial rise in imports from Canada, which went up from $122 million to $358 million. In contrast, Pakistan’s exports to Canada fell from $234 million to $224 million.