Cheap labor is a great advantage to international investors for penetration in Pakistan, said Sardar Yasir Ilyas Khan, the President Islamabad Chamber of Commerce and Industry on the occasion of the inauguration of the first Hugo Boss store in Centaurus Mall in Islamabad on Tuesday.
Hugo Boss is an international clothing brand, selling clothing, accessories, footwear, and fragrances and is well-reputed for its men’s suits. Now the company has said that they are going to manufacture their products in Pakistan.
This will be along with many other international companies which are producing their products in Pakistan such as Adidas H&M, Zara, and Mango. These companies clearly print “made in Pakistan” on their products.
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Sardar Ilyas warmly welcomed Hugo Boss and urged the government of Pakistan to give more incentives to international brands by reducing duties on their imports for healthy competition in the country.
The President of ICCI said that incentivizing international companies would be greatly helpful to enhance the level of foreign exchange in Pakistan as international brands would be a big source of exports as well.
Moreover, the arrival of international brands in Pakistan would attract more Foreign Direct Investment in the country. Local manufacturers would also be bound to improve the level of their brands and it will be another way to increase the exports of the country.
He said that Pakistan is a huge market of around 220 million consumers and all the international brands including retailers and food chains have great attraction here.
Sardar Ilyas Khan asked the Federal Board of Revenues to further simplify the taxation process so as to encourage the international brands toward Pakistan.
The President of ICCI congratulated the franchise of Hugo Boss and wished them great success.