LAHORE– The Lahore Chamber of Commerce & Industry (LCCI) and the Pakistan American Business Association (PABA) Thursday inked a Memorandum of Understanding (MoU) to increase cooperation with a view towards improving the trade and economic activities between Pakistan and United States.
LCCI Senior Vice President Ali Hassam Asghar and Chairman PABA M. Siddique Sheikh signed the Memorandum of Understanding on behalf of their respective institutions. While representative of PABA Pakistan Chapter Malik Sohail Hussain, LCCI Executive Committee members Zeeshan Sohail Malik, Aaqib Asif, Malik M. Khalid Gujjar, Sheikh Sajjad Afzal and Wasif Yousaf were also present on the occasion.
The signed MOU is aimed at increasing trade and investment opportunities for the members of both PABA and LCCI in both countries. Both the signatories will establish effective consultation, cooperation and exchange of information between them and further agree to hold meetings on regular intervals to identify the focus areas of cooperation.
According to the signed document, PABA and LCCI will work in close collaboration with the respective governments to achieve these goals and further to enhance the liaison and cooperation between the respective organizations in the areas of economic development in key sectors including but not limited to Agriculture, Academics, Art & Cultural Exchanges, Business Information and Government Policies, Food Sector, Education, Hospitality & Tourism, Import-Export, Infrastructure, Investments, Jewelry & Handicrafts, Marbles, Pharmaceuticals, Professional & Technical Services, Real Estate, Retail, SMEs, Steel, Student Exchanges, Taxation, Transportation & Energy, Telecom & Information Technology, and or any other commerce oriented activities to the exclusive benefit of the members of both the organizations.
Both LCCI and PABA will exchange appropriate information regarding the Custom’s procedures to promote cross-border trade and business as customs administrations play a key role in international trade.
Both organizations will cooperation to assist both members in exchange of trade delegations and will provide necessary local support including issuance of formal visit recommendation letter, facilitation in Visa process and will facilitate the visiting delegates.
According to the signed MOU, it has also been agreed that in case of any dispute between the members of both organizations, the dispute will be resolved through mutual consultations.
Chairman PABA, M. Siddique Sheikh said that there is a dire need to arrange delegation aim at conducting survey of US markets requirements. He said that there is very minimal representation of Pakistani Products in US markets which can be enhanced many times just with the access to the right information of market’s needs.
He said that there should be strong liaison among the chambers of commerce and industry of Pakistan and United Stated to strengthen trade and economic ties.
LCCI Senior Vice President Ali Hussam Asghar said that LCCI has declared Export Emergency throughout the ongoing year. He said that Pakistani exports can be increased manifold with a proper research and technology transfer in every sector.
He said that Pakistan has a huge potential in the export of Halal Food Sector. He said that Pakistan’s Halal food trade is only 219 million dollars which is far less than is potential.
He said that with technological advancement and proper certifications for our slaughter houses, our trade of this sector can immediately cross 1 billion dollars. He said that Pakistan can also earn huge foreign exchange through IT exports therefore this area should also be focused by the government.
He emphasized that PABA should work to bring US companies in Pakistan for Joint Ventures in different sector of economy with particularly focusing technology transfer and modification in Pakistan.
He hoped that the Memorandum of Understanding between the Lahore Chamber of Commerce and Industry and Pakistan American Business Association would go a long way to achieve their desired goals of enhancing the bilateral trade relations.— PRESS RELEASE
