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Indo-Pak: An Indian retailer formally opens its first shop in Pakistan

Indo PakFlagship Indian retailer opens in Pakistan

By AFP

SINDH – KARACHI: Raymond, an Indian suiting and fabrics conglomerate, will on Friday formally open its first shop in Pakistan, where business leaders welcomed it as a step towards closer trade ties between the two countries.

NexSource Pakistan, which acquired the rights to sell Raymond suiting in Clifton, one of the most upscale neighbourhoods in business capital Karachi, said it was a major acquisition.

“They wanted to bring Raymond to Pakistan and we offered to be their partner,” said one of its directors, Najmus Saqib.

Nexsource say they expect to reap good business after an aggressive advertising campaign in a city whose wealthier residents are sartorially obsessed and where fashion is a key driver of business.

“People are crazy about clothing and dressing, and they already know Raymond,” Saqib said. “We just have to let them know that it is here.”

NexSource executive Saqib said he believed the enormous Indian market represented massive business opportunities for Pakistan.

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Pakistan’s exports to India rise 27%

By India Blooms News Service

Delivering a key-note address at the two-day annual conference on ‘Normalising India-Pakistan trade’ being organised by Indian Council for Research on International Economic Relations (ICRIER) here, Bansal said: “Consequent to the trade liberalisation measures, bilateral trade between the two countries increased from US$ 0.6 billion in 2004-05 to US$ 1.9 billion in 2011-12.”

“Between 2010-11 and 2011-12, Pakistan’s exports to India rose by 27% from US$ 333 million to US$ 422 million. Further, Pakistan’s exports to India during April 2012 to January 2013 registered a 50% increase over the same period in the previous year – to US$ 475 million from US$ 320 million,” he said.

The important items imported from Pakistan include dates, cement, woven cotton fabrics, petroleum oil, organic chemicals, and plastics.

Bansal said: “We are very happy to note that Pakistan’s market access to India has improved considerably- indicating that there are no non-tariff barriers. India has also reduced its sensitive list by 30%.

“There should not, however, be any room for complacency- we will have to continue to take trade facilitating measures that will increase imports from Pakistan to much greater heights.”

Bansal said as India and Pakistan move towards normalizing their bilateral trading regimes, there will be new trading opportunities for both countries.

“There is a large untapped trade potential between the two countries, and various estimates suggest that potential trade could vary between 0.5 to 20 times of actual trade.

“A large part of this has been taking place through informal channels – largely through third countries- and goes unaccounted for. But I am sure that as both countries move towards normal trade relations, with the removal of the trade barriers and the subsequent reduction of trade costs, a significant part of informal trade will shift to formal trade channels,” he said.

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