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ISLAMABAD: Pakistan and African countries have reaffirmed their commitment to increasing bilateral trade to $15 billion by 2030, diversifying economic and trade relations and strengthening linkages between their private sectors, including chambers of commerce.
The commitment was made at the inaugural ceremony of the Pakistan-Africa Economic Council (PAEC), where participants also pledged to promote mutual investment and, through comprehensive and long-term planning, fully exploit untapped resources to take economic and trade relations between Pakistan and African countries to new heights.
The ceremony featured detailed discussions on promoting trade, investment, economic cooperation and business ties between Pakistan and African nations. Ambassadors, high commissioners and consuls general from several African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia, attended the event.
Federal Minister for Defence Production Muhammad Raza Hayat Hiraj congratulated the organisers on the establishment of PAEC and said the forum would play an important role in strengthening economic and trade ties between Pakistan and African countries.
He described the initiative as a milestone in the economic history of both sides and said Africa’s population of around 1.5 billion represented enormous potential for Pakistan. He also emphasised the significant role of the private sector in expanding economic and trade relations.
Khyber Pakhtunkhwa Governor Faisal Karim Kundi also welcomed the initiative and said that, under the leadership of Ambassador (retd) Hamid Asgher Khan, the forum would work to strengthen economic and trade relations between Pakistan and African countries.
Addressing the PAEC Conclave, Patron-in-Chief Ambassador (retd) Hamid Asgher Khan described Africa as a “slumbering giant” that was awakening and would play a major role in the global geo-economy. He said stronger economic and trade connectivity between Pakistan, African countries and other potential markets could further deepen bilateral relations.
Hamid Asgher Khan said bilateral trade between Pakistan and Africa remained far below its true potential and stressed the need to increase it to $15 billion in the coming years.
He said Pakistan’s current economic and trade potential in the IT sector stood at $2.7 billion and could double through stronger connectivity with African countries in the coming years. Addressing the ceremony, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh said Ambassador Hamid Asgher Khan was actively working to promote economic activities with African nations and would continue to contribute towards strengthening trade relations. Atif said Africa was of immense importance to Pakistan, as reflected in the government’s current policies, and that the FPCCI would serve as a bridge between the business communities of Pakistan and African countries.
As guest of honour, President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Tahir Mehmood congratulated Chairman PAEC Shahbaz Ali Malik for convening the gathering of policymakers, diplomats, business leaders and other stakeholders.
President Rawalpindi Chamber of Commerce and Industry (RCCI) Usman Shoukat also congratulated the organisers on the inauguration of PAEC and highlighted various aspects of economic and trade relations between Pakistan and African countries.
Meanwhile, Ambassador of Turkmenistan and Dean of the Diplomatic Corps in Islamabad Atadjan Movlam also welcomed the establishment of PAEC and paid tribute to the initiative aimed at strengthening economic and trade ties between Pakistan and African countries.
