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Meeting with delegation from RAK investment authority RAKIA U.A.E headed by general manager, Mr. Peter Michael Schuster, along with senior officials of RAKIA

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by January 27, 2012 Industries

Karachi: President Karachi Chamber of Commerce and Industry, Mian Abrar Ahmad expressed that we do not believe in aid, we at all forums have raised voice to enhance trade for socio-economic development of Pakistan said in a meeting with delegation from RAK investment authority (RAKIA) U.A.E headed by General Manager, Mr. Peter Michael Schuster, along with senior officers of RAKIA.

He strongly said that he believes that regional trade is the key solution to for the Economic Excellence and Stability of Pakistan. Karachi Chamber is raising a strong voice for the enhancement of regional trade.

While taking the lead and to achieve the desired objectives, we have already established Pakistan-Afghanistan Joint Chamber of Commerce and Industry. Efforts are also underway to establish Bombay-Karachi Joint Chamber of Commerce to enhance trade with India.

Also highlighted that Bombay and Karachi ports generates 43% and 68% revenue for national exchequers respectively but these two big ports are not exchanging trade according to their potentials. He also of the view that we may form a joint chamber of commerce with Ras Al Khaimah chamber of commerce and Industry to promote and strengthen the commercial ties with the United Arab Emirates and Pakistan.

He also highlighted that Karachi Chamber organizes its flagship mega annual international event “My-Karachi, Oasis of Harmony”. It is a showcase platform for Business to Business B2B and Business to Consumer B2C activities. I wish that RAK Investment Authority may participate in the 9th “My-Karachi, Oasis of Harmony Exhibition” which will be organized during the month of July 2012.

He also mentioned in his speech that we encourage our investors to invest in UAE and highlighted potential areas of UAE as the economy is booming and free trade zone are always offered the lucrative opportunities for the international investors as asserted that this is a two way traffic and both the countries will get the mutual benefit for promoting bilateral trade.

Mr. Schuster presented his gratitude to the member of business community while commending the efforts being made by Karachi Chamber and appreciated the comments of President KCCI. He desired his consent and also shared that it must be a win win situation for both the country Ras Al Khiman is an attractive project in Gulf however, RAKIA is also looking for and identify appropriate investment opportunities in Pakistan.

He expressed that we are here to join hands with Pakistan in all the sectors of the economy as visited Lahore, Sialkot and Faisalabad chambers of commerce and industry and now we are here in Karachi which is the premier and largest chamber of the country.

He also stated that we are looking for joint ventures with corporate companies and also want to make a long term strategy plan with Pakistan for enhancing trade. He also appreciated Pakistan government efforts with India exchanging trade dialogues and promoting bilateral trade relations as this would go a long way by paving the way of harmony for both bordering countries.

Responding to the questions “that the free trade zone (FTZ) is an area of a country where some normal Trade such as Tariffs and quota shares are eliminated. Usually, these zones are set up in underdeveloped parts of the host country and also to raise the question of foreign policies of the country and how it would help to international business community.

The officials of RAKIA articulated that UAE achieved this milestone of rapid economic growth by implementing vast organisational and economic reforms that transformed RAK into an attractive destination for foreign investment.

One of the best regulatory environments in the region, RAKIA offers a highly attractive economic package to foreign investors, which include 100 per cent income and corporate tax exemptions, full repatriation of capital and profit, readily available labour, hassle-free licensing procedures, excellent infrastructure and logistic support, competitive energy cost easy access to GCC countries.

Zia Ahmed Khan, Vice President, Managing Committee Members KCCI and the delegates of RAKIA were also presented in the said meeting.

For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road,
Shahrah-e-Liaquat, Karachi-74000
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010


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