Published On: Tue, Mar 25th, 2014
Published in Category: Islamabad

Portugal ready to cooperate with Pakistan in energy sector

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ISLAMABAD: Honorary Consul of Portugal Iftikhar Feroz said Portugal is one of the leading wind energy producers and generating 61.7 percent electricity through renewable energy sources while Pakistan should focus on enhancing cooperation with Portugal in energy sector to overcome its energy problems.

He said this while addressing the business community at Islamabad Chamber of Commerce & Industry. He visited ICCI along with Dr. Mario Caberal, an economist of Portugal and expert in international trade, investment and business relationships to discuss the possibilities for enhancing bilateral trade and economic relations between Pakistan and Portugal.

He said both countries have good relations in textiles sector, but they should focus on diversifying their cooperation to achieve mutually beneficial results. He said Portugal is quite strong in high technology and exporting high value technology products. He said Pakistan should also enhance collaboration with Portugal to manufacture and export value added technological products. He said Portugal is a famous tourism destination and Pakistan should benefit from its experience to promote its tourism industry.

In his welcome address, Khalid Chaudhry, Acting President, Islamabad Chamber of Commerce & Industry said that Pakistan and Portugal need to take new initiatives to improve bilateral trade as the current volume of two-way trade is far below their true potential. He said to tap all untapped areas of cooperation, both countries should encourage frequent exchange of trade delegations and facilitate private sectors in making direct contacts.

He said Pakistan offers great incentives to foreign investors with profitable returns on investments in different sectors of its economy including energy, infrastructure development and many other areas. The present government is determined to initiate many developmental projects and time is ripe for the investors of Portugal to come to Pakistan in maximum number and explore business and investment opportunities.

He said after grant of GSP Plus status to Pakistan by the EU, Portugal should focus on enhancing import of Pakistani textiles, garments and leather products and help Pakistan in getting easy market access to EU markets.