To mark the 10th anniversary of the establishment of the Swiss Business Council (SBC) in Pakistan, the Consulate General of Switzerland in Karachi in collaboration with the SBC hosted an exclusive event at the Swiss Consul General's residence on Tuesday.
The Consul General and Patron of the SBC, Philippe Crevoisier in his welcome address to participants, present among which were diplomats, senior management of Swiss and other multinational companies, and leading businessmen said that only if Pakistan is able to present to the international community the country's on-ground realities and business potential, many more foreign investors will consider to invest in Pakistani market. He also mentioned that Swiss-Pak bilateral trade (CHF 518.5 Million in 2017) is promisingly increasing for the past three years. The Consul General also commended SBC's efforts to further improve commercial ties between the two friendly countries.
SBC's President Farhat Ali who is also the Council's founding President and Chairman of the Board and Executive Managing Director of Polygal N.V. in Pakistan gave an overview of the Council's achievements over the past decade most prominent of which is the Council's partnership with Switzerland Global Enterprise (S-GE); equivalent of Trade Development Authority of Pakistan and Board of Investment. He further added that SBC with support from S-GE is committed to link Swiss and Pakistani companies. "Thanks to our business network at home and in Switzerland, in the past two years six small and medium size enterprises from Switzerland have successfully entered the local market," he further added.
Highlight of the event was keynote address by the Dean and Director of the Institute of Business Administration (IBA) Karachi, Dr Farrukh Iqbal who presented his views on Pakistan's macroeconomic matters in perspective of the challenges and opportunities for foreign investors. "Pakistan has performed below its growth potential for many years now. In particular, the private investment rate has been stuck at a low level of 10 per cent of GDP for almost a quarter century now. This reflects pessimism on the part of domestic investors that go beyond energy shortages and security conditions. Among factors to consider more deeply are the quantity and quality of education and health services available to the population to enable them to play a more productive role in the economy of the future," Dr Iqbal mentioned in his presentation.
Swiss companies in the past ten years have invested CHF 1.5 Billion in Pakistan making Switzerland stand among top ten foreign director investors. Major exports from Switzerland to Pakistan are pharmaceuticals, textile machines, and watches. Main Pakistani exports to Switzerland are textiles, and agro-foods. On the occasion, recognition certificates were also awarded to member companies who have completed 10 years with the Council.-PR
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