Pak team for chemicals imports from India

Taking advantage of the improved Indo-Pak relations, a delegation of top 39 chemical and dyestuff businessmen from Pakistan is visiting Mumbai, Ahmedabad for exploring business opportunities.

Irfran Asghar, member of the managing committee of Pakistan Chemical & Dyes Merchants Association, said: "We are looking to the Indian chemical and dye manufactures to guide us on technology and future course of action."

Pakistan imports its chemicals and dyestuff from China paying high freight charges. "Joining hands with Indian manufactures makes sense," said Asghar.

"We pay huge freight charges of $1,500 per tonne for importing from China. In contrast, the freight cost for importing from India would be $900 tonne," he added.

At present, Pakistan's chemical industry is facing a shortage due to growth in demand and shortage in production. In contrast, the Indian chemical sector accounts for about 7 per cent of the country's GDP. India ranks 12th in volume terms in the world production of various chemical products.

Economists say that there is huge potential for bilateral trade. "An increase in the trade would also play a role in promoting friendly ties. It could easily pass well over the billion-dollar mark annually once relations further improve," Irfran Asghar said.

"It's a happy coincidence. I think our visit has also added in creating right environment to resume peace talks between the two countries," Ilyas Ahmed, another Pakistani businesmen said.