Joint ventures between Pakistan and Brunei stressed (The Balochistan Times (Pakistan))

Business to Business contacts are must to increase bilateral trade between Pakistan and Brunei Darussalam. The chambers of commerce and industry of the both countries should expedite relations to achieve desired results.

These views were expressed by the High Commissioner of Brunei Darussalam Dato Mahmud Saidin while talking to Lahore Chamber of Commerce and Industry President Ijaz A Mumtaz here Fridayy.

The high commissioner said Pakistan and Brunei Darussalam would have to make joint efforts to strengthen their economic ties as despite having excellent relations, volume of mutual trade was very small. He said, his country also attached importance to Pakistan being one of its brothers and an economic partner. He said, investors from Brunei would certainly like to take benefit of huge potential in Pakistan.

He said, Pakistani entrepreneurs could initiate joint venture with the counterparts in Brunei Darussalam in various sectors. It is high time for the joint business ventures as the business community in Brunei Darussalam is quite impressed with the Pakistan’s growth, he added.

He said, the exchange of trade delegations between the two countries would definitely help boost the volume of bilateral trade and the Lahore Chamber of Commerce and Industry should arrange a visit as early as possible.

LCCI President Ijaz A. Mumtaz said, Pakistan had special place due to fully facilitating Brunei under defence cooperation agreements. Both countries have common perception about harmony and peace. He said, Pakistan and Brunei Darussalam were members of the OIC and maintain cordial diplomatic relations based on historical affiliation.

He said Pakistan was a producer of the finest quality of textiles items, surgical goods, sports goods, leather products, carpets and rugs etc. Brunei Darussalam should consider importing such commodities from Pakistan.

There is a lot of scope for Brunei to make investment in Pakistan. Brunei can make direct investment in Pakistan in sectors like infrastructure, banking, insurance, oil and gas, automobiles, construction and hotel industries etc. and can also enter into joint ventures with Pakistani counterparts, the LCCI President stressed the need to initiate a consultative process for enhancing bilateral trade and investment.