Rodney M Berkins told Finance Minister Shaukat Aziz that J C Penny, of USA, hopes to increase its imports from Pakistan to over $200 million in the coming years.
Berkins, Junior Vice President and Director of Strategic Sourcing, of J C Penny, is visiting Pakistan with a large team of executives to evaluate Pakistan's textile and apparel industry for increasing its imports from Pakistan.
The Finance Minister told the J C Penny executive of the measures and reforms undertaken by the government to open up and facilitate the business environment in Pakistan.
He said that reforms had been undertaken by the Government in the financial sector as well as in the tax regime, specially Customs.
He said that cost of doing business in Pakistan has come down considerably, while automation and other measures have been taken to ensure reduction in time involved in exporting products from Pakistan.
Aziz said that special measures had been taken for swift clearance of exportable goods and plans to install X-ray equipment for speedy clearance of containers. The J C Penny executive appreciated the steps taken by the government towards creating a business-friendly environment in Pakistan.
He said that in view of the present government's new measures and commitment, J C Penny has decided to focus on Pakistan as one of its major suppliers in the coming years.
He added that his team was visiting Pakistan to increase the company's presence in Pakistan to cater to the new business plan.
He complimented the Shaukat for the encouragement being provided to the business community. During the meeting, Berkins and the Minister discussed the increased prospects for Pakistan textile exports due to the end of multi-fibre agreement by December 31, 2004.
He said that the quota-free regime would increase the prospects for Pakistan textile exporters to increase their US market share.
It would also enable US retailers to benefit from Pakistan's textile export potential.