ISLAMABAD: Pakistan is looking forward to enhancing its trade with the African region up to $8 billion per year from the current $4 billion in the next five years under its ‘Look Africa Policy’ initiative, according to WealthPK on Monday.
“The African region’s total trade with the world is one trillion dollars per annum with imports of over 500 billion dollars, hence there is huge potential for Pakistani exporters,” Maria Kazi, Joint Secretary Foreign Trade (Africa, Central Asia), Ministry of Commerce, told WealthPK.
She noted that the second Pakistan-Africa Trade Development Conference was held in Nigeria recently to promote Pakistan’s trade with the African region.
The single country exhibition under the ‘Look Africa Policy’ of the Ministry of Commerce was held in Lagos, Nigeria.
The expo was jointly organised by the Ministry of Commerce and Trade Development Authority of Pakistan (TDAP).
More than 100 Pakistani companies from automotive, engineering, agro food, textile, pharmaceuticals, cosmetics, kitchenware, electrical, surgical, leather, sports, and information technology services sectors placed stalls in the exhibition.
Orders worth approximately 20 million dollars were booked for exports of rice, pharmaceuticals, tractors, bicycles, food and kitchenware during the conference, Ms Kazi said.
She added that Africa was a non-traditional market, and with growing economies their quality standards could be met by Pakistani companies. “Huge potential exists for export to east and west Africa, especially for pharmaceutical and engineering goods,” she maintained.
Ms Kazi said the Ministry of Commerce and TDAP would keep giving exposure to exporters for African markets and try to resolve banking, transportation and other issues. African continent is the largest free trade area with a market of 1.2 billion people.
Ms Kazi said the response from African business community was overwhelming as 5,000 people visited the exhibition, including companies, distributors, wholesalers and retailers.
“Around 100 buyers from the Economic Community of West African States (ECOWAS, a huge delegation from Senegal, and over 500 Nigerian companies also visited the expo,” she said, adding that Nigeria itself was the largest economy of Africa and possessed huge potential for Pakistani exporters.
Buyers from ECOWAS’s member states, particularly Benin, Cabo Verde, Cote d’Ivoire, Ghana, Niger, Senegal, Sierra Leone and Togo, attended the event and business-to-business (B2B) meetings were organised, she said.
Twelve Pakistani companies from pharmaceutical, automotive, leather and sports sectors signed Memoranda of Understanding (MoUs) ranging from $250,000 to $9 million. It was expected that they would result in finalisation of export orders worth millions of dollars in coming months.
Abdul Razak Dawood, Adviser to Prime Minister on Commerce, who also attended the exhibition, has declared that Africa is “a promising continent and land of opportunities”, according to a statement issued by the Ministry of Commerce.
Dawood said ever since Pakistan created the ‘Look Africa Policy’, trade with the region is increasing. “Pakistan’s export to Africa is showing growth during the current fiscal year,” he said.
“Our vision is to get closer and set a target of doubling our exports in the next five years; we are looking at regional connectivity,” the PM’s advisor said. He also hoped to raise Pakistan’s annual trade with Africa to $8 billion in next five years, doubling the current volume.
Adebayo, Nigerian Minister of Industry, Trade and Investment, while addressing the trade conference, said his country is well-prepared for the African Continental Free Trade Area (AfCFTA) with policies and initiatives being implemented by the government.
He said many Nigerian companies, particularly in the service sector, had long developed capacity to serve the rest of Africa, which would be further boosted by AfCFTA, and Pakistani companies can benefit by partnering with Nigerian firms.
According to the Ministry of Commerce, Pakistani companies suggested that such single country exhibitions may be held every six months in Africa to get more traction, to increase Pakistan’s exports and to explore joint ventures with African companies. -INP
