October 1, 2021: The first business delegation of Pakistan to Belarus comprises of more than seventy delegates making it one of the largest business and trade delegations of Pakistan. Shahzad Sabir, a renowned businessman of Pakistan and chairman Pakistan-Belarus Business Council (PBBC) who is leading this delegation said that “the large number of business community representatives in this delegation shows the confidence of businessmen from Pakistan to form partnerships for cooperation and investments in Belarus.”
The delegates having diverse business interests represent different economic and trade sectors such as Petrochemicals, Pharmaceuticals, Transportation, Textile, Chemicals, Construction, Edible oils, Agro chemical, Leather, Fertilizer, Fruits and Seeds, Timber, Furniture, Automotive, Telecom and many other areas.
Talking about the Pak-Business Business Council Sabir mentioned that “this Council is formed to take an initiative to improve bilateral trade between both countries and facilitate business groups and investors of Pakistan and Belarus who are interested to invest in these countries.”
At present the trade and business activities between both countries are low. Pakistan is 46th export destination of Belarus and 66th import partner. The figures of trade, investments and businesses are not encouraging. “The Pak-Belarus Business Council aims to ease the business environment, remove hurdles in investment, elevate business activities, initiate joint ventures, and participate in exchange of trade delegations, fairs, and exhibitions to promote business activities between both countries”, said Sabir. “Through our hard work and efforts, we created awareness among business community in Pakistan to explore Belarus for their next trade destination. Simultaneously, we got an extremely encouraging response from the business community in Belarus, he added.
Pakistan has a liberal Investment Policy. The country is an open economy with no restrictions where Belarusian firms and contractors can benefit from establishing businesses, availing investment friendly Government Policies such as equal treatment with local & foreign investors, foreign equity up to 100% is allowed. The country provides a network of Export Processing Zones and Industrial Estates and repatriation of 100% capital, profits, dividends, royalty, technical & franchise fee. Furthermore, all economic sectors are open to Foreign Direct Investment and foreign investment is fully protected under the Reform Act of 1997.
Furthermore, Pakistan has 19 Special Economic Zones. Any investor can start a business in already established Economic Zone as Special Economic Zone Enterprise or can develop its own economic zone as Special Economic Zone Developer anywhere in Pakistan. The Potential exports and investment opportunities and sectors in Pakistan are Steel, Aviation Industry, Surgical instruments, Gems and Jewelry, Electrical Machinery & Equipment, Automobile, Oil, petroleum, and chemical products, Agriculture and dairy products, Fertilizer, Timber, Engineering, and some more manufacturing sectors.
Pakistan being a growing economy and recovering swiftly from ongoing pandemic is an attractive destination for investment. Many finished/unfinished and technologically advanced goods that Belarus manufactures are in high demand in Pakistan’s markets. Economic cooperation between both countries and long-term business and investment partnerships can provide benefits to the peoples of both countries in the years to come.
