ISLAMABAD: Ambassador of Palestine Walid Abu Ali has said that Pakistan and Palestine have immense business opportunities and a trade expo was on the card to promote bilateral trade.
In an exclusive interview with Customs Today, Walid Abu Ali said that industrial manufacturers of both Pakistan and Palestine would be invited to the expo to display their exportable products.
Palestine imports almost every product of daily use, therefore, Pakistani exporters and businessmen could explore avenues of business either through joint ventures or independently in Palestine as well as benefit out of a huge market by exporting their products to Palestine
“Similarly, we have marble and gem stone of international standards and its import can be far cheaper as compared to the other European countries for Pakistani importers. In this way, we may enhance tune of bilateral trade between both the countries” he added saying that Palestine mainly exported cement, base metals, iron and steel, food and beverages, furniture, plastics and dairy products.
Responding to a question about tax structure in Palestine, he elaborated that there was 15% Value Added Tax (VAT), rate of company tax progressive depended on net income, 10% interests and 10% royalties in the form of withholding taxes on foreign investment in Palestine. He further said that Palestine and Spain were not bound by a Double Taxation Agreement.
To another question about rate of income tax on individual income, he explained that rate of personal income tax varied from 5% to 20%, taxable income was % 1 to 30, 000 and 5% income tax was applicable of this income. However, there is 20% personal income tax on an income exceeding from $ 105, 000.
He said that Palestinian market-based economy represented a unique business opportunity for local and foreign investors to establish successful projects with substantial returns. “The Palestinian economy had a diversified structure in which different vital economic sectors contribute to the Gross Domestic Product (GDP). These economic sectors include: services, IT and telecommunications, tourism, agriculture and fishing, energy, finance, infrastructure, manufacturing, mining, real estate development, and finance” ambassador added.
He observed that Palestinian Investment Promotion Agency (PIPA) was established in January 2000 as an autonomous institution. With a ruling Board of Directors composed of members from both the public and the private sector, PIPA takes a proactive role in promoting Palestine’s advantages to investors while keeping a close eye on legal developments and their impact on the private sector. PIPA is happy to provide investors with both a comprehensive one-stop-shop and Aftercare services.
Commenting on nature of bilateral ties between Pakistan and Palestine, ambassador Walid Abu Ali thanked Pakistan for highlighting human rights violations in Palestine by Israeli occupational forces along with unjust atrocities on innocent Kashmiris by aggressor Indian security forces in Indian occupied Kashmir at the United Nations’ General Assembly (UNGA).
“We are immensely grateful to Prime Minister Nawaz Sharif for using word Intifada for freedom struggle of Kashmiris as the word Intifada is purely associated with the Palestinian’s movement for freedom” Walid Abu Ali said in an exclusive interview with Melange International team here. The international community must realize that resolution of both the Palestinian and Kashmir issues is imperative for the durable peace and stability in Middle East, South Asia as well as the entire world.
He thanked Pakistani government and people for extending generous financial assistance for the construction of the state of the art new building of embassy of Palestine. Pakistan has contributed $ 1 billion for this project. Initial concept for the new building of the embassy was approved in 1990s by late Benazir Bhutto and Yassar Arfat, however, the incumbent government of Nawaz Sharif has taken concrete measures to shape the concept into reality.
In this regard, he observed that construction of the building was almost near to the completion; therefore, Palestinian President Mahmood Abbas would pay a visit to Pakistan to inaugurate newly constructed building.
He added that Pakistan had always been a staunch supporter to just cause of Palestinians at almost every international forum. Presently Pakistani passport can be used for going almost all the countries of the world except Israel. Moreover, a Pakistani fighter pilot Hamid Masood shot down Israeli Mirage fighter in 1974 and he is regarded as National Hero of Palestine since then. This is why, Palestinian people highly value the support provided by Pakistanis. Furthermore, Pakistanis have been demonstrating enormous solidarity with Palestinians in the wake of Israeli occupation and human rights violations in the occupied territories.
He went on saying that thousands of Palestinian students had been provided with scholarships by Pakistani educational institutions along with free education, boarding and lodging; therefore, after completion of their education those students are now acting like Pakistani ambassadors in Palestine. I wish to promote bilateral trade between Pakistan and Palestine as well as to increase the number of people to people exchanges.
To a question about possible measures to highlight Palestine issue in the world, he said that Muslim Ummah should keep and maintain Palestine on its top priorities as they always have been doing. The Muslim Ummah unified, and work through agendas and work through priorities and prioritize the issues that need continuous support the Muslim Ummah and also support Palestine emotionally and practically.