RECORDER REPORT

LAHORE: Ambassador of Bosnia and Herzegovina Sakib Foric has said that Bosnia is a small but developed country and is a road to European Union.

He was speaking at the Lahore Chamber of Commerce & Industry, here on Monday. Honorary Consul of Bosnia, Danish Iqbal, Honorary Consul of Spain, Zaheer Islam and LCCI office-bearers were also present on the occasion.

Pakistan immediately acknowledged Bosnia but cordial and brother relations are not seemed in the mutual trade of around just US 30 million dollars, he said.

Pakistan has done what a brother can do but these brotherly relations should also be translated into trade and economic ties,” ambassador said and added that at present only 37 Pakistani companies are operating in Bosnia. Bosnian government has given immense benefits to the businessmen. There is a tax exemption for five years for new company while government also help establishment of new company. He said that company established in Bosnia can do business with the European Union. He said that electricity is cheaper and taxes are low in Bosnia as compared to the European Union. He invited the Pakistani businessmen to join hands with their Bosnian counterparts and explore trade and investment opportunities in Bosnia where they can enjoy number of benefits.

The ambassador also invited the Pakistani businessmen to visit the country for having firsthand knowledge about the available opportunities and initiating joint ventures with their Bosnian counterparts.

LCCI President Malik Tahir Javaid said the Lahore Chamber has been taking keen interest in projecting the trade potential of Central Asian Republics. China-Central Asia Corridor is one of the five corridors being established under Belt & Road Initiative. This initiative includes network of connectivity, industrialization, trade promotion, energy generation, and much more. The Belt & Road Initiative promises unparalleled economic benefits to all the trading partners. It is high time for Pakistan and Bosnia to establish strong linkages that can play instrumental role in materializing trade and investment initiatives expected to emerge due to these developments.