BOSNIA TO SIGN FREE TRADE AGREEMENT WITH PAKISTAN

LAHORE, Pakistan (January 7,2008) - Bosnia and Pakistan are finalising modalities for the Free Trade Agreement between the two countries to promote two-way trade and investment,the Ambassador of Pakistan to Bosnia, Jauhar Saleem said.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI),Ambassador Saleem reminded that Bosnia is located in the heart of Europe and that the country has its 43 percent of total territory most useful for modern industry.Pakistani business community could avail the opportunity in this particular area, he added.

The Ambassador, who spent over an hour at LCCI, invited the Pakistani businessmen to visit Bosnia for having first hand knowledge about the opportunities and initiating joint ventures with their Bosnian counterparts.

He said that Bosnia has large capacities in the wooden industry related to the production of goods for foreign markets. The Ambassador also stated that the country is quite rich in the metal industry and the opportunities are available in steel and aluminums sectors.

Earlier, the LCCI president, Mohammad Ali Mian, said continuous engagements of the diplomatic missions with the business community of Bosnia and Pakistan, exchange of business delegations, orientation to the products of each others countries and holding of single country exhibitions can be highly fruitful in enhancing trade between the two countries.

Exchange of information through websites, printed matter, cultural events and documentaries can also help to promote the bilateral socio-economic relations,he said.

Bosnia has a highly developed dairy and auto industry. Pakistani business community would like to share technology in these sectors through joint ventures. Pakistan is the fifth largest producer of milk in the world and a big market for automobiles.

The LCCI chief said that Pakistan’s Foreign Direct Investment (FDI) policy is liberal, and that 100 percent repatriation of capital, dividends, profits and royalties is allowed.