APBF official calls for enhancing Pak-Canada economic ties

Bilateral trade exceeded $1 billion in 2016, potential exists for improvement

KARACHI: Pakistan’s improved security situation presents a golden opportunity for enhancement of economic ties between Pakistan and Canada, All Pakistan Business Forum (APBF) President Ibrahim Qureshi said on Saturday.

“Numerous Canadian companies are already exploring opportunities in Pakistan in various sectors, including solar energy and information technology,” he stated, adding that economic ties between the two countries have not reached their true potential.

Highlighting Pakistan’s geostrategic importance, he said that the country will become a regional trading hub in the future connecting South Asia, China and Central and West Asia to the Indian Ocean.

“With its liberal pro-investment policies, Pakistan combines a rapidly growing economy with a highly skilled and moderately priced workforce,” he claimed while noting the country’s positive growth and other economic indicators during the last four years.

Citing the recent meeting between Finance Minister Ishaq Dar and Canadian High Commissioner Perry Calderwood, Qureshi said the High Commissioner also noted the improvement in the security situation in Pakistan and the increasing opportunities to further strengthen economic relations.

As of 2015, Pakistan was Canada’s 41st largest export destination for services and 34th largest export destination for merchandise trade. Canada-Pakistan bilateral trade reached $1.044 billion with Canadian exports to Pakistan at $693 million and imports at $351 million, in 2015.

According to a report by Statistics Canada, bilateral merchandise trade between the two countries alone topped the $1 billion mark in 2016.

Experts say opportunities for Canadian companies exist in infrastructure, information, communication technologies, mining, energy, oil and gas, agro-food and wood sectors.

Pakistan and Canada have traditionally enjoyed friendly relations over the years, with close co-operation in public sector development, people-to-people contacts and regional security.

Published in The Express Tribune, July 9^th, 2017.

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