Consul General of Switzerland Philippe Crevoisier has said that although potential exists but efforts must be made to improve the perception and image of Pakistan in order to transform this potential into success story.
Exchanging views with KCCI office-bearers during his visit to the Karachi Chamber of Commerce & Industry, the Swiss consul general said that “in order to attract more Swiss businesses and investment in Karachi, we will have to concentrate on improving the perception about the security situation in Karachi and the overall image of Pakistan”.
KCCI President Shamim Ahmed Firpo, Senior Vice President Asif Nisar, Vice President Muhammad Younus Soomro and managing committee members were also present during the meeting.
Crevoisier pointed out that Switzerland had been in Pakistan since its existence and that many Swiss companies were successfully doing business in Karachi. “We are being represented not only in Islamabad, but also in Karachi, which is a very good sign, as not so many European countries have business present here. This clearly indicates that we actually see the potential, and I am trying to understand how to transform it into a success story,” he added.
The envoy said that although the existing investment and trade figures between the two countries were very nice, but they were still low which needed to be improved.
Crevoisier said that Switzerland’s industry comprised of 80 per cent of SMEs which were well organised to quickly react to numerous markets and they were looking forward to enhancing their exports to new markets, but unfortunately, Pakistan was not on the priority list of these companies mainly due to the perception.
He was fairly convinced that the overall security situation was much better as compared to the perception. “It has improved during the last few years and it will encourage many Swiss companies, including SMEs, to get into this market and look for opportunities,” he added.
The consul general said that Karachi held huge potential for Swiss companies and it was a good sign that many businessmen from Karachi were also eager to do business with Switzerland.
Earlier, while welcoming the Swiss consul general, KCCI President Shamim Ahmed Firpo informed that Karachi, which was the economic and financial hub of Pakistan, offered profitable investment opportunities.
Commenting on Pakistan-Switzerland relations, he said the two countries had always enjoyed long-standing cordial, friendly and multi-faceted ties. “It is heartening to note that Switzerland is ranked 5th in terms of foreign direct investment in Pakistan and is a reliable trading partner,” he added.
He said that many Swiss companies operating in Pakistan were engaged in different sectors including energy, chemicals, pharmaceuticals, agriculture solutions, catering, cigarette manufacturing, food, telecommunication, quality testing, machinery and construction material which the business community warmly welcomed but many other important sectors also offered lucrative opportunities, and hence, exploring opportunities in these sectors should also be considered by Swiss companies.
The KCCI chief noted that during FY 2015-16, Pakistan exported goods of worth $65 million to Switzerland as against the exports of $94 million during the same period of the preceding year, showing a decline of 31% which needed attention.
“The imports from Switzerland increased by 13.5% during FY16 after totalling at $736 million as compared to $648 million a year earlier. The trade balance is, therefore, heavily tilted in the favour of Switzerland,” added Firpo.
He was of the view that potential existed for Swiss businessmen to invest in Pakistan on 100 per cent equity basis or as joint ventures with local industries. Pakistan can greatly benefit from Swiss expertise in the energy sector, mining, agriculture, and equity market. The possibility of cooperation also existed in supplying raw materials and finished products for fertilisers, chemicals, and pharmaceutical industry in Pakistan, he added.
