Pakistan’s Minister Leads Delegation for Investment Talks in UAE
In a strategic move to foster economic ties, a high-profile business delegation from Pakistan, led by Federal Minister for Commerce, Investment, and Industries & Production, Dr. Gohar Ejaz, is set to embark on discussions regarding the Bilateral Investment Treaty (BIT) with the United Arab Emirates (UAE).
The delegation aims to finalize the Free Trade Agreement (FTA) and Bilateral Investment Treaty with Gulf Cooperation Council (GCC) countries, marking a significant step in enhancing trade relations.
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Minister Gohar Ejaz emphasized the government’s commitment to formulating a new industrial policy aimed at achieving a monthly export target of $8 billion. Key to this initiative is ensuring a standardized electricity tariff of 9 cents per unit for both export and non-export industries.
The minister highlighted the importance of aligning tariffs with international standards, as the current industrial tariff of 14 cents per unit renders Pakistani products less competitive globally compared to countries like Bangladesh, India, and Vietnam with tariffs ranging from 9 to 10 cents per unit.
Addressing energy tariff issues, Minister Ejaz stressed the need for rationalizing gas prices for the domestic sector to encourage industrial development and attract foreign and domestic investment. The upcoming Industrial Policy, pending approval from the Special Investment Facilitation Council (SIFC), is poised to address these concerns and propel the country towards sustainable progress.
Additionally, the minister disclosed plans under the “Make in Pakistan” initiative, including a visit to the USA to attract major international brands for joint ventures with Pakistani enterprises. Efforts will be made to facilitate the physical presence of international brands in Pakistan by providing office spaces for their business outlets. This move aims to increase Pakistan’s share in the global apparel market, particularly as US firms are diversifying their sourcing from China.
As the delegation engages in talks with the UAE, Pakistan looks forward to solidifying economic partnerships and opening avenues for increased trade and investment.
( Source; The News International )