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India allows FDI from Pakistan

(Xinhua)

08:52, May 03, 2012

NEW DELHI, May 2 (Xinhua) -- India on Wednesday said that it would allow foreign direct investment (FDI) from Pakistan in a bid to increase economic engagement between the two countries.

"The move is expected to enhance commercial engagement and bilateral trade between India and Pakistan," Indian Commerce Minister Anand Sharma told Parliament.

The minister said that it was agreed during talks between the two countries that impediments should be removed to facilitate bilateral investments.

"A greater degree of bilateral investment could strengthen exports from Pakistan. Exports in sectors such as agriculture produce, chemicals, textiles, auto components could be enhanced through bilateral investment," Sharma said.

Currently, bilateral trade between the two countries stand at 2. 7 billion U.S. dollars.

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