Pakistan, Romania to ink investment treaty

The President of the Romanian Foreign Policy Committee-Senate Titus Corlatean on Thursday said the European Union desires to reduce trade barriers and increase investment cooperation with Pakistan. While talking to Board of Investment (BOI) Chairman Saleem H Mandviwalla; he said there is great need to harness the investment potential in favour of both Pakistan and Romania. He invited Pakistani investors to explore opportunities of mutual interests in Romania.
Governor of Brasov and member of the Chamber of Commerce and Industry Brasov County, Carol Ambrus said 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 and in other sectors.
BOI Chairman Saleem Mandviwalla said BOI is looking forward to a bilateral investment treaty with Romania as soon as possible. He informed the delegation that there were more than 700 Pakistani companies operating in Romania and both the countries signed their first trade agreement in 1964. Despite the 47-years trade relations history, much effort is needed to boost bilateral exchange, economic cooperation and enhance investment. He said Romania can avail attractive investment opportunities in the coal mining sector as 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. The supply and demand gap of about 6.0 million tons of coal is being met through imports.
While informing the Romanian delegation about Thar Coal; Mandwiwala said that at Thar Coal, four blocks are available for investment. Talking about the pharmaceutical sector, he said Pakistan is a developing pharmaceutical market with an Export Vision of $500 million by 2013. Around 400 pharmaceutical manufacturing units including 25 multinationals are meeting around 70 per cent of the country’s demand of finished medicine. He said Pakistan is eyeing new regional and global opportunities to boost exports.