PID

PR No. 16 OPENING OF BUYING HOUSE BY ZARA, INDITEX GROUP, IN PAKISTAN Islamabad February 03, 2018

It is heartening to inform about the significant and positive development with regards to trade between Pakistan and Spain, says a press release received from Madrid here today. Inter alia, due to Pakistan Embassy and its Commercial Section in Spain’s sustained pursuance with Inditex Group, which comprises of 8 international renowned brands (Zara, Massimo Dutti, Pull&Bear, Bershka etc), Inditex Group has opened its buying house in Pakistan first time ever. Mr. Jose Manuel Romay de la Colina, representative of Inditex Group/Zara/Massimo Dutti etc., recently met Commercial Counsellor, Dr. Muhammad Hamid Ali, at Embassy of Pakistan in Spain and officially confirmed opening of its Buying House in Karachi. Mr. Romay was hopeful that due to the presence of Buying House it is likely that Inditex Group will double its imports from Pakistan in the coming year or two with additional technical collaborations in the field of textiles and design. This important development will go a long way in furthering Pakistan’s exports and building technical collaboration in the field of textile between Pakistan and Spain. It is also worth mentioning positive developments in the field of bilateral trade between Pakistan and Spain. Exports of Pakistan to Spain have reached US$ 405 million in the first five months of Financial year 2017/2018. It is likely to reach US$ 550 million once we will include the data of December 2017. In terms of value the maximum increase in exports from Pakistan to Europe took place in Spain. We are sanguine that for the first time in Pakistan and Spain bilateral trade history, our exports to Spain will cross US$ 1 billion mark during the current financial year of Pakistan. Similarly, it will also likely cross US$ One billion as per the financial year of Spain which is from January 2017 to December 2017. Please see below the latest trade figures available for the financial year 2017/2018 of Pakistan. Trade US$ Million November 2016 November 2017 % Change Jul.-Nov. 2016-17 Jul.-Nov. 2017-18 % Change Pak Exports 74.45 91.81 +23.32% 379.12 485.56 +28.07% Pak Imports 21.59 41.78 +93.52% 114.95 113.99 -0.83% Bilateral Trade 96.04 133.59 +39.09% 494.07 599.55 +21.35% Source: DataComex (Value in US$ Million) ****

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GOVERNMENT OF PAKISTAN PRESS INFORMATION DEPARTMENT

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