FIEDMC Delegation To Explore Investment Opportunities During Upcoming Hong Kong Visit
LAHORE– A high-powered delegation of Faisalabad Industrial Estate Development and Management Company (FIEDMC) will leave for Hong Kong soon to promote bilateral trade and enhance close cooperation through exchange of delegation in investment sector.
Pakistan’s nominated Consul General Bilal Ahmed Butt paid a courtesy call on Chairman FIEDMC Mian Kashif Ashfaq on Tuesday and discussed at length possible aspects of enhancing mutual trade besides exploring potential of investment opportunities.
Bilal Ahmed Butt said that Pakistan has not only huge untapped potential of exports but at the same time it’s growing market with population of around 200 million, offered excellent opportunities for bilateral trade.
He said Hong Kong having population of 7.5 million and consisting of 1,052 square kilometers is the most important financial hub in the region as it has more than US$ 100 billion trade with the world.
He said on the other hand, Pakistan’s trade with Hong Kong is only US$ 850 million which is so small as compared to other countries in the region. He also informed Mian Kashif about the opportunities and challenges and assured his support to Pakistan business.
He stressed that the cooperation between the two countries especially in Gems and Jewelry, medical, handicraft, leather and fresh fruit sectors must be enhanced
He also lauded the FIEDMC chairman’s efforts in promoting trade tie with other countries especially China.
Mian Kashif Ashfaq felicitated Bilal Ahmed Butt on his joining as Pakistan’s head of the Mission in Hong Kong and hoped that his stay would further strengthen the bilateral relations.
He also emphasized that there is great potential to enhance bilateral trade and investments.
The private sectors from Pakistan and Hong Kong can collaborate to realize the business opportunities offered by Allama Iqbal Industrial City, a prioritized Special Economic Zone of FIEDMC under CPEC, as both regions are integral part of the landmark project and Hong Kong will play an important role as regional hub for finance.
Mian Kashif further said that Pakistan is keen to deepen economic and trade relations with Honk Kong.
“At present the bilateral trade was below the potential of both countries. There were a number of challenges such as timely issuance of business visa, absence of direct flights and technical barriers to trade that need to be addressed,” he added.
He also apprised him of FIEDMC’s commitment to facilitate investment and ease of doing business. He said that Pakistan is endowed with sufficient raw materials, low-cost and trained labour force, easy access for marketing to third country destinations like Central Asian Republics and Gulf States.
“There are ample opportunities for establishing joint ventures in Pakistan in the fields of auto parts, electric and electronic goods, hi-tech and light engineering, household appliances, packaging, plastic & plastic products, food processing and preservation” he added.— PRESS RELEASE