20000107

EPZA advised

to hold investment

seminars in NZ,

Australia

RECORDER REPORT

KARACHI: The Export Processing Zones Authority (EPZA) has been advised to hold investment seminars in Australia and New Zealand and also to update their promotional material containing detailed information on the EPZs, to market their future projects.

The suggestion has been made by the Consulate-General of Pakistan in Sydney, Australia in its annual economic and commercial report for 1998-99. Since leading Australian conglomerates and multi-national companies with representation in Australia have expressed their keenness for investment and joint ventures in Pakistan, the Consulate has proposed that the Board of Investment, Export Promotion Bureau, Export Processing Zones Authority and Pakistan Software Export Board should take joint action to bring out a comprehensive Home Page on the website, incorporating Pakistan's investment and trade policies and up to date information about economy of Pakistan.

In order to boost Pakistan's exports to Australia, the Consulate has suggested display of Pakistani products to the local buyers and importers by exhibiting them in the premises of Pakistani mission.

Other suggestions made by the Consulate include: Pakistan's participation in at least two major exhibitions every year. A large number of trade exhibitions and fairs are held every year in Australia which are thronged by a big number of buyers. These events provide great opportunities to establish new contacts and to attract customers. In the past, Pakistan had been taking part in some of these programmes through the courtesy of Trade and Investment Promotion Service (TIPS) of the department of foreign affairs and trade Australia, but with the dissolution of this organisation, Pakistan has almost stopped participating at its own expense.

With the rapid adoption of electronic commerce all over the world, the Export Promotion Bureau should work out a strategy for wider use of Electronic Trade Opportunity (ETO) system, in Pakistan as well, which is at present being used by over nine million companies around the world. In future, the growth of global commerce will depend on the use of Internet. Therefore, there is an urgent need that the relevant public and private sector bodies in Pakistan should look into this aspect and secure their share in the future global trade which will almost entirely be based on electronic commerce.

Delayed resolution of trade disputes is badly hampering Pakistan's efforts to boost exports. Concerned authorities here should be bound to decide trade disputes in a period not exceeding three months. It will help in satisfying the local traders about in-ordinate delay in Pakistan in trade disputes.

Australian investment in Pakistan is estimated at US $ 240.60 million which is led by companies such as BHP petroleum, BHP minerals and Pasminco mainly working in mining exploration and drilling operations.