Argentinian investors invited to exploit CPEC incentives

Minister for Commerce Syed Naveed Qamar Tuesday invited the Argentine companies to take advantage of the lucrative investment opportunities in Pakistan, especially, in Special Economic Zones established under China-Pakistan Economic Corridor Project (CPEC).

The minister, who is also the President of Parliamentarians for Global Action met with Ms. Cecilia Todesca Bocco, the Vice Minister and Secretary of International Economic Relations, Ministry of Foreign Affairs, International Trade & Worship, Argentina. The meeting was held at the historic San Martin Palace in Buenos Aires during the minister’s official visit to Argentina to participate in the 43rd Annual Forum of Parliamentarians for Global Action (PGA). The minister was accompanied by the Ambassador of Pakistan Dr Muhammad Khalid Ejaz and Jameel Ahmed Baloch, the Trade and Investment Counsellor of Pakistan in Argentina, said a press release.

Naveed Qamar urged the Argentine exporters to utilize Gwadar Port as transit and transshipment hub for export of the agricultural produce to Western China, Afghanistan and Central Asia being the shortest route. Regarding Pakistan-Argentina bilateral trade, the minister informed that Pakistan-Argentina bilateral trade, despite COVID-19 pandemic witnessed promising growth in financial year 2021-22 increasing to $ 253 million from $191.56 million in the previous year. Pakistan’s exports to Argentina registered a growth of 48%, whereas, Argentina’s imports grew by 28.75%. He however, emphasized that the current level of bilateral trade is not commensurate with the potential the two country have.

The minister also urged the Argentina side to support Pakistan’s efforts for starting the negotiations on Pakistan’s request for a preferential trade agreement with Mercosur as the framework agreement was signed in 2006, however, not much headway has made so far. The Commerce Minister gave an overview of the Pakistan’s economic recovery after the pandemic and informed the Argentine side about the fiscal and tariff reforms undertaken by the Government of Pakistan. He specially mentioned the ease of doing business reforms undertaken by the Pakistan to improve business environment in the Pakistan.

As a result of the consistent efforts, Pakistan improved 39 positions in World Bank’s Ease of Doing Business Index in the last two years and was placed at 108th position, he said adding that liberal investment policy which provides a comprehensive framework for creating a conducive business environment for the attraction of FDI with liberalization, de-regulation, privatization and facilitation being its cornerstones. Naveed Qamar also invited the Vice Minister to visit Pakistan and also to urge the businessmen in textile and leather sector to participate in Pakistan’s premier fashion and textile exhibition TEXPO-2022 scheduled from 26-28 May,2023 in Karachi. Speaking on the occasion, the Vice Minister expressed her deep appreciation for the visit and gave a brief overview of the Ministry and the policies and activities undertaken for promotion of economic relations between Argentina and rest of the world.