Financial Daily from THE HINDU group of publications
Thursday, Jun 17, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 17, 2004 |
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Industry & Economy
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Foreign Trade Pak team signs MoU with Chemexcil Our Bureau
Mumbai , June 16 A DELEGATION of businessmen from Pakistan is here to scout for business opportunities with Indian companies and has just signed a memorandum of understanding with Chemexcil (Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council). The Chemexcil Chairman, Mr Satish Wagh, said the MoU was signed between the Pakistan Chemicals & Dyes Merchants Association and the council, and would deal with trade facilitation and technology transfers. According to the Pakistan Chemicals & Dyes Merchants Association Chairman, Mr Abdul Rahim Chughtai, doing business with India would be beneficial for Pakistan because the two countries shared a border, similar cultures and spoke the same language. Further, because of the proximity of India, transport and freight would be cheaper. He added that India could edge out China as the preferred trading partner. However, visa restriction needed to be eased and both nations needed to curb the parallel trade in the segment. Pakistan, according to Mr Irfan Asghar, a member of the association, had registered industrial growth of over 17 per cent growth and, in manufacturing terms, was fast becoming a force to reckon with.
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