ICCI pleads for incentivising global brands in Pakistan

The Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday urged the government to incentivize the international brands in Pakistan by reducing duties on their import and make them affordable for general consumers besides bringing healthy competition in the domestic market.

President ICCI Sardar Yasir Ilyas Khan, while inaugurating the very first Hugo Boss store in Pakistan that has been opened by Sun Sports Karachi in Centaurus Mall, Islamabad said that the labour cost in Pakistan was quite cheap and provided a great advantage to international investors for penetration in Pakistan.

Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI, Abdul Samad Zeeshan Franchisee of Huge Boss store and others were also present on the occasion.

Yasir said that It would help the country to increase exports of international brands and further strengthen its forex reserves.

He said that the larger presence of international brands in Pakistan would increase the confidence of foreign investors on Pakistani market and attract more FDI to the country.

He said that the entry of more international brands and their manufacturers in Pakistan would also bring more competition in the domestic market and motivate the local industry to upgrade itself for producing world class products that would give a boost to our exports as well.

ICCI President said that Pakistan was a huge market of over 220 million consumers and international brands including retailers and food chains have great potential for JVs and investment in Pakistan. However, they needed good incentives, consistent policies from the government side to penetrate the Pakistani market.

He emphasized that FBR to focus on further simplification of the taxation system that would encourage more international brands towards Pakistan.

He congratulated the franchisee of Hugo Boss and wished him great success in business.

Speaking on the occasion, Abdul Samad Zeeshan, Head of Sportswear/Fashion at Sun Support and Franchisee of Hugo Boss said that Sun Sports is a well-established name in the category of Sports and Lifestyle, supplies.

Some of the exclusive brands in Pakistan through its chain of sports stores located in the major cities of Pakistan, he said adding that Sun Sports has successfully marketed and distributed a number of globally renowned sports brands in the Pakistani market and has gained a tremendous popularity and credibility among the retailers and the customers.