The Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday urged the government to incen-tivize the international brands in Pakistan by reduc-ing duties on their import and make them affordable for general consumers besides bringing healthy competition in the domestic market.
President ICCI Sardar Yasir Ilyas Khan, while inau-gurating the very first Hugo Boss store in Pakistan that has been opened by Sun Sports Karachi in Cen-taurus Mall, Islamabad said that the labour cost in Pakistan was quite cheap and provided a great ad-vantage to international investors for penetration in Pakistan.
Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI, Abdul Samad Zeeshan Franchisee of Huge Boss store and others were also present on the occasion.
Yasir said that It would help the country to increase exports of international brands and further strengthen its forex reserves.
He said that the larger presence of international brands in Pakistan would increase the confidence of foreign investors on Pakistani market and attract more FDI to the country.
He said that the entry of more international brands and their manufacturers in Pakistan would also bring more competition in the domestic market and motivate the local industry to upgrade itself for producing world class products that would give a boost to our exports as well.
ICCI President said that Pakistan was a huge market of over 220 million consumers and international brands including retailers and food chains have great potential for JVs and investment in Pakistan.
However, they needed good incentives, consistent policies from the government side to penetrate the Pakistani market.
He emphasized that FBR to focus on further simpli-fication of the taxation system that would encourage more international brands towards Pakistan. —APP