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Political stability prerequisite to attract foreign investment: Spanish envoy

Political stability prerequisite to attract foreign investment: Spanish envoy

ISLAMABAD: Economic and Commercial Attaché of Spain Miguel Pena Sánchez said Pakistan’s economy was improving despite some imbalances like current account deficit therefore he was considering bringing a business mission of Spain to Pakistan for B2B meetings with Pakistani counterparts.

He said this while exchanging views with the local business community at Islamabad Chamber of Commerce and Industry.

He said both countries should focus on developing long-term plans to explore all potential areas of mutual cooperation for further improving bilateral trade.

He further said Pakistan was mostly depending on textiles for exports and it should focus on diversifying exports to further improve trade with Spain and European countries.

He said political stability was important for attracting Spanish and other countries’ investment in Pakistan. He emphasized that Pakistan should improve its infrastructure to promote cooperation in tourism with Spain. He said there was a need to create proper channels for enhancing connectivity between private sectors of both countries and assured that he would work with Pakistani chambers of commerce to explore new areas of bilateral cooperation between Spain and Pakistan.

Speaking on the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry, said Pakistan and Spain enjoyed cordial political relations which should be transformed into growing trade and economic relations for achieving better results. He remarked that frequent exchange of trade delegations and promoting direct contacts between private sectors of Pakistan and Spain was necessary to raise awareness of potential areas of mutual cooperation between the two countries.

He informed the commercial consular that many special economic zones would be set up under the CPEC in Pakistan and Spanish investors should explore opportunities of joint ventures and investment in these zones.

He said Pakistani leather products, surgical instruments, sports goods, fruits and many other products could find good market in Spain and it should enhance its imports from Pakistan. He said Pakistan has great reserves of natural resources including marble, granite, minerals and Spanish technology & machinery could help it in producing value-added products. He said Spanish olive oil and its byproducts have also great demand in Pakistan.

Muhammad Naveed, Senior Vice-President ICCI said both countries have good potentials to enhance cooperation between their SMEs. He said law & order has greatly improved in Pakistan and Spanish investors should visit Pakistan for exploring business prospects while ICCI would fully cooperate in connecting them with right counterparts.