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Pakistan Economic Overview

Growth rate

Year 2012-13

GDP

3.6%

Agriculture Sector

3.3%

Services Sector

3.7%

Manufacturing Sector

3.5%

Commodity Producing Sector

3.4%






 

 

 

 

Denmark-Pakistan have huge potential of cooperation in energy, agriculture: Danish envoy

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ISLAMABAD: Denmark ambassador in Islamabad Jesper M. Sorensen has said his country was keen to exploit the business potential in Pakistan for bolstering trade between the two countries and Danish Pakistanis could play a pivotal role in this regard.

Briefing journalists at his residence here, he said it was for the first time that Denmark had set up a Commercial Section in Islamabad, dedicated to explore avenues of investment for Danish companies which saw Pakistan a new market-though they had some concerns.

There are 25000 Danish of Pakistani origin living across Denmark who have contacts back home and can be very helpful in promoting trade between the two sides, he said.

Pakistan at the moment is exporting about $169 million of goods mainly textiles besides providing Information Technology services to Denmark while Danish exports to Pakistan are worth $224 million, comprising special machinery, chemicals and pharmaceuticals items.

"We want higher trade between the two countries. Our exports to Pakistan are reasonable and Denmark wants to export more to Pakistan that shows that is a great potential," said the envoy

He said he visited Denmark last month and spent a whole week trying to explain to Danish businessmen there was a huge potential to do business with Pakistan, particularly in field of agriculture and energy.

Denmark has expertise in both these fields as agricultural goods formed 23 per of its total exports last year. Denmark was able to produce 54 per of its total power consumption through renewable energy in 2013 which was an impressive performance as it used to be energy-dependent country.

Denmark leadership has declared to turn the country as fossil-free nation by 2050, he added.

"Danish companies are global leaders in green energy and energy efficiency. In these areas, Denmark has something to offer Pakistan, which is facing a serious energy challenge. We have started a dialogue with Danish businesses about these opportunities in Pakistan," said Sorensen.

Pakistan at the moment was facing crippling power crisis and Danish companies could help it generate electricity through wind power by investing in Sindh Corridor which according to a recent survey, had a potential of producing 55000MW wind power.

The initial investment in the renewable energy is expensive but with the development of technology, it would become cheaper, said the ambassador.

For instance, the running cost of solar panels has come down and some Danish companies have started installing solar panels in some private houses in Pakistan, though at a limited scale.

Pakistan, being an agriculture country needs to use its water resources more efficiently and can learn a lot from Danish companies.

Similarly, it is the 5th biggest producer of milk in the world but only 4 per of it is processed so there was a huge potential of cooperation between the two countries in the field.

There is a also a scope of installing solar-run water pumps in Pakistan, he added.

The envoy said he was working on bilateral visits of businessmen delegations from both the countries for establishing their contacts to explore possibilities of cooperation in joint projects for their mutual benefit.

The Danish Counsellor Peter, in his brief remarks said Denmark had introduced "the Red Carpet programme' which was meant to make Danish visa more easily accessible for businessmen who wanted to have frequent trips.

The restriction of personal presence and appointment with Gerry Visa Service have been abolished, besides reducing time of issuance of visa to two weeks. It has been decided that frequent visitors to Denmark can have multiple visa valid up to five years, said Peter.

Commercial Counsellor Aslam Pervaiz on the occasion said that the embassy was helping Danish business companies do business in Pakistan.

He said it was helping them find business partners and the information in the field of their interest. Many Danish companies have shown interest to explore avenues of cooperation with Pakistan, he added.

Dated : Sunday, 02 February 2014.

 

Trade Development Authority of Pakistan:-

The Trade Development Authority of Pakistan (TDAP), formerly known as Export Promotion Bureau (EPB) from 1963 to 8th November 2006, is the apex agency of the Government of Pakistan engaged in promotion, growth and development of the country's exports and exports base. Since its establishment in 1963 as an attached department of the Ministry of Commerce, EPB continued to facilitate Pakistani exporters in overcoming the supply and demand difficulties they would face. Now, the new TDAP continues to function with the same and more objectives and responsibilities. It is an independent department under the administration of the Ministry of Commerce. 

TDAP has its headquarters in Karachi with 14 regional offices all over the country. The regional offices mostly perform facilitation and regulatory functions as well as providing supply side and marketing assistance to exporters.

For further details please visit the website www.tdap.gov.pk

Board of Investment:-

 The Board of Investment (BOI) has been assigned broad based responsibilities of promotion of investment in all sectors of economy; facilitation of local and foreign investors for speedy materialization of their projects and to enhance Pakistan’s international competitiveness and contribute to economic and social development. 

The BOI assists companies and investors who intend to invest in Pakistan as well as facilitates the implementation and operation of their projects. The wide range of services provided by BOI includes providing information on the opportunities for investment and facilitating companies that are looking for joint venture partners. 

The BOI acts as a focal point of contact for prospective investors, both domestic and foreign to provide them with all necessary information and assistance in coordinating with other Government Departments/Agencies.

The BOI also evaluates applications of investors for the Work / Business Visa, Branch / Liaison Office and security clearance.

For further details please visit the website www.pakboi.gov.pk

Investment Policy:-

All sectors open to investment (except specified industries*)

 

 

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