Pakistan to Signature Bilateral Investment Treaty with Romania: Chairman Board of Investment

Islamabad: Mr. Titus Corlatean, President of the Foreign Policy Committee-Senate of Romania along with a business delegation called on Saleem H. mandviwalla, Minister of State/Chairman, Board of Investment.

By informing about the visit of the delegation, Head of Delegation, Senator Titus Corlatean, said that European Union desires to reduce trade barriers and increase investment cooperation with Pakistan.

He added that there is a great need to harness the investment potential in favour of both Pakistan and Romania. He also invited Pakistani investors to explore opportunities of mutual interests in Romania.

Mr. Carol Ambrus, member of the chamber of commerce and industry Brasov County/ Governor of Brasov said that Romania is interested to invest in the coal and mining sector of Pakistan and there is also a need to identify and explore opportunities in the field of sunflower seeds, copper cathodes, organic chemicals and dyes, textile and textile goods, agriculture products, leather goods, IT, etc MOS/Chairman BOI Saleem H. Mandviwalla informed that there are more than 700 Pakistani companies operating in Romania and both the countries signed their first trade agreement in 1964.

Despite 47 years old trade relations history, much effort is needed to boost bilateral trade, economic cooperation and enhance investment. He added that BOI is looking forward to sign a Bilateral Investment Treaty with Romania as soon as possible.

Romania can avail attractive investment opportunities in the coal mining sector, MOS/Chairman BOI said, Pakistan’s coal potential estimated at 185 billion tons and current consumption of coal is 11.0 million tonnes per annum against annual production of 5.0 million tons while the supply and demand gap of about 6.0 million tons of coal is being met through imported coal.

He further informed that at Thar Coal, Four Blocks are available for investment. Talking about the pharmaceutical sector, he informed, Pakistan is a developing pharmaceutical market with an Export Vision of USD 500 Million by 2013. 400 pharmaceutical manufacturing units including 25 multinationals are meeting around 70% of the country’s demand of Finished Medicine and we want to boost the exports likely by new regional and global opportunities.

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