Four Memorandums of Understanding (MoUs) have been signed between Karachi Chamber of Commerce and Industry (KCCI) and Indian Chambers of Commerce to promote bilateral trade and investment.
These MoUs were signed with Associated Chamber in New Delhi, Mahrashtara Chamber, Mumbai Chamber and the PHD, an association of six chambers of India, Siraj Kassam Teli, KCCI president and leader of KCCI's delegation to India said, while talking to newsmen at the airport here on his return on Monday.
KCCI chief said that the delegation received unexpectedly high response from Indian business community and their government to promote bilateral trade and investment.
"Our visit would prove a milestone in increasing bilateral trade," Teli remarked.
He said that Pakistani trade mission also had a meeting with India's Reliance Group of Industries that showed keen interest to enter into joint ventures in plastic and textile industries here.
He said that the businessmen in Mumbai were eager to see ferry service between Karachi and Mumbai at the earliest so that there could be quick and inexpensive transportation of the consignments.
The KCCI chief said that the businessmen in New Delhi and Mumbai emphasised that both the governments should continue their dialogue and enhance meetings and exchange of delegations at various levels to expedite the process of bringing the two nations closer.
Former KCCI president M. Zubair Motiwala said Pakistan could penetrate large Indian market of one billion people, especially to sell its home textile products and surplus sugar.
From India, Pakistan could import mainly engineering goods, he said, adding, "we would be greatly benefited by having good machinery at low rates."
India also leads in petrochemical industry and Pakistan could take benefit of this, he said.
He said India had a bumper cotton crop this year and would have a good quantity for sale, which we could get at relatively low rates in case of deficit here.
Both sides have agreed to formulate a joint strategy to strengthen their cotton market.
At least 40 percent of total world cotton production comes from India and Pakistan, and with joining of China, this would amount to 65 percent, he said.
The leading businessman rejected the apprehensions that India would dump its goods in Pakistani markets in case of free trade starts.
Zubair Motiwala said Indian commerce minister was convinced that the immigration rules be relaxed for at least businessmen from Pakistan so that they have multiple visas for increased interaction between the two business communities aimed at promoting trade.
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