Pakistan, India can increase trade volume upto $ 10 billion: Mandviwala

ISLAMABAD: Pakistan and India can increase trade volume upto $ 10 billion by removing barriers and reducing additional costs and also reduce dependence on other global sources of trade which are relatively costly. Chairman of Board of Investment (BOI) Saleem H. Mandviwala this said during a meeting with Indian Commerce Minister Anand Sharma on the sidelines of International Economic Forum in St. Petersburg. The BOI Chairman is

on a three-day visit to Russia to attend the Forum, said a message received here from St. Petersburg on Saturday.

The International Economic Forum is one of the world's leading discussion forums, bringing together prominent politicians, corporate executives and experts to deliberate on key issues of the global economy.

During the meeting both the sides agreed to resolve the major defiance of illegal trade between the two countries.

The BOI chief opined," the trade which is taking place through informal channels adds additional costs to the traders which are ultimately bourn by the end consumers of both the countries".

Talking about the reluctance of business community's interaction, the Indian minister stated that this is due to the misperceptions which are impeding such direct contacts which should be cleared through encouragement to the business communities by the leaders of both sides.

He also expressed that the visa policies should also be revised to facilitate and encourage the investors.

Mandviwala said "we should revive our relations in the context of major economic developments currently taking place in the world and in view of Russia's growing dependence on the eastern world".

He added it was essential to increase economic relations with Russia in such a way that the countries of South Asia become an essential part of the revising economic strategy of Russia.

The BOI head stated that the trade communities of both sides should have a closer interaction with each other to explore the opportunities in the field of trade and investment.

Anand Sharma stated that business communities were encouraged to realize that Pakistan has revised its long positive list of imports other than smaller negative list thereby increasing the opportunities of trade with India.

He added that economic prosperity in two countries would bring peace and India wants to see Pakistan a stable and strong country.

The BOI chief invited the Indian Commerce Minister to visit Pakistan and encourage Indian business community to come to Pakistan. In the end both sides assured that the initiatives taken by both side in the field of investment and trade will be realized with enthusiasm and warm response.

Copyright APP (Associated Press of Pakistan), 2011