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Envoy encourages Canadian companies to invest in Pakistan


3/7/2017

OTTAWA: Pakistan’s High Commissioner to Canada Tariq Azim Khan has invited Canadian companies to cash in on the investment opportunities emerging in Pakistan as a consequence of economic boom and demographic dividends.

“As Pakistan is on the threshold of economic boom, there is a huge potential for Canadian firms to capitalise on the growth that has led to a huge demand for consumer goods,” he said in a meeting with Manitoba Chamber of Commerce President Chuck Davidson.

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Highlighting Pakistan’s economic achievements over the past few years, he said gross domestic product (GDP) growth before 2013 stood at 3%, but now the country was expected to achieve 5.5% growth in the current fiscal year.

He emphasised that the economy was set to grow over 8% between 2018 and 2025 with inflation rate in single digit. In 2016, Pakistan Stock Exchange was the best-performing bourse in Asia and its benchmark index had risen from 18,000 to 50,000 points in just three years.

Chinese investment in a gigantic economic corridor and a booming middle class in Pakistan have instilled confidence in foreign investors. “Ongoing infrastructure and energy projects under CPEC (China-Pakistan Economic Corridor) will usher in a new era of prosperity and development in the region,” he said.

The high commissioner pointed out that trade between Pakistan and Manitoba province of Canada had risen almost 100% over the past two years, but still a huge potential existed for enhancing commerce between the two sides. He said textile products including bed linen, sports goods, surgical instruments, Basmati rice, leather products and mangoes of Pakistan were of best quality.

He asked the chamber president to form a delegation of investors for a trip to Pakistan in order to explore investment opportunities, meet Pakistani counterparts and forge linkages.

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Davidson explained that cultural diversity in Manitoba due to immigration boom over the past few years had brought positive developments in the economy of the province.

Source: The Express Tribune