Swedish groups keen to invest in Pakistan

RECORDER REPORT

LAHORE (July 27 2005): Various prominent Swedish business groups have shown keen interest for making investment in Pakistan because of the economic turn around witnessed by the country in recent years. Led by its president Mian Misbah-ur-Rehman, a delegation of the Lahore Chambers of Commerce and Industry, is currently on a four-country visit to bring in more foreign investment to highlight the soft image of Pakistan, says a spokesman of the Chamber here on Tuesday.

The Swedish Airline (Swe-Airlines) in its meeting with the LCCI delegation agreed to visit LCCI with an object to ink MoU for enhancing mutual co-operation. The top management of the Swedish Airline including its general manager particularly appreciated the role of the Chamber for the promotion of trade.

The cell-phone giant Ericson also expressed the desire to make more investment in Pakistan. Ericson management gave a warm reception to the Pakistani delegation and also hosted a lunch in honour of the delegation.

The LCCI delegation members also held one-to-one meetings with members of the Stockholm Chamber of Commerce and discussed various ways and means to take the volume of business between the two countries to the required level.

During their meetings with their Pakistani counterparts, the Swedish businessmen expressed keen interest for making investment in Pakistan.

Earlier, on its arrival in Sweden, the Pakistani Commercial Consular Mrs Anjum hosted a dinner reception for the LCCI delegation, which was largely attended by expatriate Pakistanis and Swedish businessmen.

Speaking on this occasion, Mian Misbahur Rehman informed the participants about the economic turnaround observed by the country during last few years. He said that Pakistan had transformed itself into a stable regional economy and an investment friendly nation. He said that almost all the economic sectors were open for direct foreign investment. He said that there was no limit on equity held by foreigners and no restrictions for entering into joint ventures with Pakistani businessmen.

He said that overseas Pakistanis bringing in $20 million for investment would be provided 10-acre land free of cost for undertaking their ventures.

Sales tax on the import of raw materials of some core industries had been brought down to zero level. The rates for tax on corporate sector had also been reduced while large trading concerns had been exempted from presumptive taxation, he added.