ISLAMABAD, (UrduPoint / Pakistan Point News – 1st Sep, 2024) President Federation Pakistan Chamber of Commerce and Industry (FPCCI) and the Embassy of Zimbabwe in Islamabad joined hands for increasing the economic and trade ties between Pakistan and Zimbabwe and also reiterated for increasing the connections between the business community if both sides.
The Ambassador of Zimbabwe to Pakistan, Titus M.J. Abu Basutu and President Federation Pakistan Chamber of Commerce and Industry (FPCCI) Atif Ikram Sheikh were addressing the dinner reception as chief guests hosted by the Convenor FPCCI, Central Standing Committee on Industry-Academia Linkages, Liaqat Ali Sultan here Sunday.
On the occasion, the Ambassador of Zimbabwe said that Zimbabwe and Pakistan had huge potential for increasing bilateral economic and trade ties and there was need to enhance the connection between the private sector of both sides.
The Ambassador said that the existing bilateral trade between Pakistan and Zimbabwe was standing at $ 30 million in FY 2023 less than its potential, which needed increase up to $100 million in the coming years.
He said the role of the private sector and especially the Federation Pakistan Chambers of Commerce and Industry is significant to increase bilateral economic relations and the Zimbabwean Embassy in Islamabad will provide full support to the exporters and traders in this regard.
The Zimbabwean envoy said that Pakistan’s current export volume to Zimbabwe was $20 million and Pakistan’s imports from Zimbabwe were $10 million, which was less than the bilateral economic and trade potential, which can be increased over time to strengthen economic ties.
He said that Zimbabwe imports from Pakistan mainly were agricultural goods including rice, tractors and other sectors like light engineering, electronics, medical equipment, sports equipment, safety tools and machinery. While Pakistan imports from Zimbabwe include chemicals, tanning dying tobacco and cotton, he said.
The Ambassador said that at this time, Zimbabwe prioritized promoting economic and trade relations with Pakistan and increased bilateral trade volume on priority, for which,”We encourage the business communities of both sides to exchange mutual business delegations.”
The Ambassador said that Zimbabwe was having a ‘Trade Expo’ in April 2025, where industrialists and traders from all over the world will participate and he invited the Pakistani business community to participate in it.
He said that there was a lot of potential in the pharmaceutical sector and medical equipment in Zimbabwe and in both potential sectors; Pakistan’s industrialists needed to work with Zimbabwean relevant sectors.
He said that Zimbabwe was a member of a significant African regional economic block, where a regional Free Trade Agreement (FTA) applicable for Pakistan and any other could obtain economic benefits. He said that Pakistan’s Look Africa drive can open new avenues of cooperation between Zimbabwe and Pakistan.
Titus M.J said that Zimbabwe could be a gateway for Pakistan in the African region, which would increase Pakistan’s economic penetration in the African region.
He said that there are vast opportunities for Pakistani investors in tourism, infrastructure and agriculture in Zimbabwe to enhance the economic activities between both of the countries.
Meanwhile, the Ambassador of Zimbabwe asked the President FPCCI, Atif Ikram to play his due role to increase the trade between Pakistan and Zimbabwe.
On the occasion, president FPCCI, Atif Ikram Sheikh said that there is a lot of potential for bilateral economic and trade cooperation between Zimbabwe and Pakistan and FPCCI and Zimbabwe Embassy will adopt a joint plan to increase the role of the business community to execute this trade potential.
The President FPCCI said that Zimbabwe is an important country in the African region, which has always had economic and trade relations with Pakistan.
Atif said that the Pakistani Diaspora in Zimbabwe was mostly active in business and trade, whose role had always been outstanding in the relations between the two countries.
The President FPCCI invited the Ambassador of Zimbabwe to visit FPCCI capital office to address the business community. He also proposed the establishment of the Zimbabwe Pakistan Business Forum under the leadership of FPCCI Convenor, Liaqat Ali Sultan which was unanimously accepted by the business community.
In concluding remarks, Convenor FPCCI Acadia Industry linkage committee, Liaquat Ali Sultan thanked the chief guests Atif Ikram, Ambassador of Zimbabwe and said that the role of the business community was very important in increasing the economic and trade relations between the two countries.
At the end, President FPCCI, Atif Ikram presented commemorative shields and mementos to the Zimbabwean Ambassador and the participants.
