The Lahore Chamber of Commerce and Industry (LCCI) and the Confederation of Indian Industry (CII) on Monday inked a Memorandum of Understanding (MoU) to foster trade ties and beef up co-operation in various fields of the economy between the two countries.
The MoU was signed by LCCI president Mian Anjum Nisar and former CII president Subodh Bhargava at a meeting on "India Pakistan Business and Economic Co-operation" of the two bodies.
The MoU envisages that CII and LCCI would endeavour to undertake studies to determine the support which might benefit their respective members under this understanding and which would develop into specific programmes.
Both trade bodies agreed to exchange professional experience relating to services rendered to their respective members, facilitating their relationships and providing adequate support for the successful outcome of specific programmes.
The trade bodies further agreed to exchange information about projects and industrial processes which may be available, industrial training, sources of financing offers and requests for joint ventures and licensing and identification of possible partners to promote industrial and technological co-operation between both the countries.
The organisations agreed to co-operate in activities for industrial and technological advancement in areas like information technology, environment and energy, etc.
The MoU also envisages to exchange information on all economic and commercial matters with regards to Pakistan and India and on specific industrial sectors of both countries and on those requested by either of the signing parties.
Both sides would support activities such as seminars, courses and conferences by Pakistani and Indian specialists in India and Pakistan in those industrial sectors agreed upon between the LCCI and the CII as well as to promote these events through its publicity in media.
They agreed to provide full co-operation to each other in the promotion of trade fairs and exhibitions both in Pakistan and India.
The MoU also provides for mutual exchange of executives for a temporary internship for certain period in each other's organisation (subject to the permission from the respective governments), the objective being to facilitate greater promotion of points agreed upon under the MoU.