Interactive Meeting with H E Mr Shaukat Aziz, Hon'ble Prime Minister of Pakistan
November 24, 2004 - New Delhi

Address by Mr Y K Modi, President, FICCI

HE Mr Shaukat Aziz, Hon'ble Prime Minister of Pakistan;
HE Mr Aziz Ahmad Khan, Pakistan High Commissioner in India
Mr Iftikhar Ali Malik, Immediate Past President, FPCCI;
Mr Shiv Shankar Menon, Indian High Commissioner in Pakistan
Mr Sunil Kant Munjal, President, CII;
My Business Colleagues from Pakistan and India;
Hon'ble Delegates; and
Ladies and Gentlemen

We are grateful to Hon'ble Shaukat Aziz, Prime Minister of Pakistan for sharing his valuable thoughts with us today.

May I take this opportunity, Sir, to congratulate you and other policy makers of Pakistan for their prudent management of the Pakistan economy. Pakistan's economy has recorded an impressive performance last year. While the fiscal deficit is under control, the revenue deficit is close to zero. The growing share of foreign trade in its GDP is a reflection that Pakistan is now confidently trading with the rest of the world.

India is also looking at 360 degree for its trade relationships and just entered into Free Trade Agreements with Sri Lanka, Thailand, ASEAN, Singapore & Mecasur etc. It is worth noting that foreign trade goods & services now account for 31% of India's GDP which is more than even US & Japan.

Sir, in March this year, FICCI along with the Federation of Pakistan Chamber of Commerce and Industry organized a 'MADE IN PAKISTAN' Show at Delhi. The show was a complete sell out - the demand of the products even took the exhibitors by surprise. FICCI & FPCCI now plan to take this exhibition to all major cities of India like Hyderabad, Chennai, Mumbai, Kolkata and Bangalore. Excellency, at the Made in Pakistan show, we were impressed by the skills of Pakistani people and the entrepreneurial and trading acumen of its business community.

FICCI & FPCCI with the help of Sheikh Jamil Mehboob Magoon are planning a similar awareness of Indian products in Pakistan by organizing a Made in India Show at Lahore. We are awaiting clearance from the Interior Ministry of Pakistan to fructify the same. There is tremendous interest in Indian companies to participate in this show.

I would like to mention that both ways investment has to take place to realize the full potential of trades between the two countries. There are Indian companies who are using Dubai for catering to Pakistani market. Why not these jobs be created in Pakistan itself and similarly Pakistani companies should come and invest in India. Obviously this will need improvement in investment climate in both the countries.

The entrepreneurs on both sides of the border see tremendous trade opportunity between the two countries and hence at present are trading through third country. Obviously if the trade can be direct and also through land route then not only consumer on both countries will benefit but we can reach the goal of two- way trade to reach US$ 15-20 billion by 2015.

May I, on behalf of FICCI and CII express our heartfelt thanks to our sponsors - Apollo Tyres Ltd., Maruti Suzuki, Standard Chartered and Tata Group of Companies.