While talking to the business community, he said due to given better investment opportunities, easy government policies and comfortable environment, Belgium can increase investment in several new and existing sectors including renewable energy, tourism, hospitality and dams. All Greenfield investment has been exempted from RD on import of plants and machinery and GST for five years, which is a benefit for all foreign investors.
Mian Zahid Hussain said recently in the backdrop of easing visa policy by the current government where on arrival visa has offered to nationals of 50 countries, online visa to 175 countries, business visa to 68 countries and tourist visa to 24 countries including Belgium.
He said opportunities lie in various areas of Pakistan including human resource, minerals and agriculture sectors and the country possesses exceptional raw material for investment and has distinguished position in region. Single country exhibitions and trade visits should be increased to strengthen bilateral trade between the countries.
The human and natural resources of Pakistan are enough to make this country an industrial and financial hub as it plays vital roles in trade with Gulf and central Asian countries. Mian Zahid Hussain said Pakistan shares close and old bilateral relations with Belgium in different areas of interest including security, defence, science & technology and trade and economy. EU is the biggest export destination for Pakistan with 34 percent share of Pakistan's exports, however as per 2016, Belgium's share in total exports was 9 percent while imports to Pakistan were 6 percent.
He said export commodities to Belgium include textile products, medical and surgical instruments, vaccines, medicine, food items, and import products include light oils, scrap of steel, and solid milk. Pak-Belgium bilateral trade has been increased by 34 percent since 2013 and reached $1 billion in 2017, however, huge growth potential is available. Export sector can increase exports to Belgium by realizing huge potential market. Bilateral trade is in favour of Pakistan which can be further improved through increased exports.