Ambassador of Bulgaria Aleksandar Borisov Parashkevov on Saturday said the lowest tax rate and tax holiday has made his country a lucrative destination for investment. Pakistani businessmen should avail this opportunity by joining hands with their Bulgarian counterparts.
He was speaking at the Lahore Chamber of Commerce & Industry on Saturday. He said that special economic zones in Bulgaria have all facility for the investors. Pakistan and Bulgaria have deep diplomatic relations of over 55 years. There are deep political relations among the two countries but this is the time to bring private sectors of the two countries closer to each other, he said. The Ambassador said that there is a dire need to exchange trade and industry related information to cement mutual trade and economic ties. He said that Bulgaria is EU member state and enjoys a lot of benefits in this respect. Bulgaria can be a gateway to European Union for Pakistani businessmen. He said that Bulgaria is connected with Pakistan by road via Iran so that the trade is more convenient among the two countries.
LCCI President Irfan Iqbal Sheikh said that Pakistan and Bulgaria enjoy cordial diplomatic, political and economic relations. He appreciated Bulgaria for its continued support for GSP Plus status which has critical importance in boosting Pakistan-EU trade relations.
He said that the total trade volume between Pakistan and Bulgaria has been averaging around US$33 million for the last few years that does not reflect the actual potential of bilateral trade. To enhance the trade volume, there is a need to capitalize on the progress made at 2nd Session of the Pakistan-Bulgaria Inter-Governmental Commission on Economic Cooperation held in Islamabad last year in May where both countries agreed to enhance cooperation in all areas of mutual interest.
The LCCI President said there is a considerable scope for Bulgaria to enhance its imports of citrus fruit, mangoes, rice, value added textiles, dates, furniture and marble etc from Pakistan. The potential areas where Pakistan and Bulgaria can enhance economic cooperation through joint ventures are information technology, food processing, automotive, livestock, tourism, agriculture technology, maritime and railways, he added.
He said that there is a great need to connect the private sectors of both countries for exploiting the potential opportunities. It can be done through exchange of export oriented delegations and participation in trade fairs and exhibitions. He hoped that this spirit of friendship and cooperation will go a long way in enhancing the trade relations between the two countries. LCCI Vice President Mian Zahid Jawaid Ahmad said the economic relations between Pakistan and Bulgaria can be further strengthened through exchange of trade delegations, single country exhibitions, trade fairs and catalogue shows.
He suggested that the establishment of Pak-Bulgaria Business Forum could also be helpful to enhance trade cooperation. He also suggested appointing an honorary Consul of Bulgaria in Lahore.
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