Envoy asks businessmen to form joint ventures in Ukraine

Assures them of cooperation in holding single-country fair, exchange of delegations

LAHORE: Various Ukrainian sectors have a massive scope for Pakistani merchandise and businessmen should capitalise on these opportunities by forming joint ventures, suggested Ambassador-designate to Ukraine Major General Zahid Mubashir Sheikh.

Speaking to the business community at the Lahore Chamber of Commerce and Industry (LCCI), Sheikh said both countries had very strong credentials to support the two economies, but lack of information about each other's potential was a hurdle in the way.

"There is a need to bridge this gap," he stressed. "Pakistan embassy in Ukraine will extend cooperation in every possible way for holding a single-country exhibition and for the exchange of business delegations."

Speaking on the occasion, LCCI Acting President Khawaja Shahzad Nasir emphasised the need for cooperation in the areas of energy, steel and technology.



 

"Ukrainian engineering sector is another potential area where Pakistan can benefit from the processes and consequent product development," he said. "Pakistani businesses are specifically eyeing the prospects of technology transfer."

Likewise, he pointed out, opportunities existed for cooperation between the heavy industry in Ukraine and the emerging engineering sector in Pakistan in the form of joint ventures with third-country market in view.

"Ukraine is known for manufacturing top-of-the-line turbines in the world; these turbines are available in a wide range," he said.

Nasir said Pakistan was facing an acute energy crisis and was utilising all available options for electricity generation including hydel, thermal and gas resources and that could be an area for deep economic cooperation.

Turning to natural resources, the LCCI acting chief pointed out that Ukraine was home to metals and alloys which were being utilised in engineering and other manufacturing sectors.



He underlined the need for exploring the area for mutually beneficial matchmaking.

"Pakistan's banking sector has progressed a lot and it can help Ukraine in developing a banking network on a wider scale," he said. "The business community is very much concerned about the lack of a proper banking system in Ukraine."

He emphasised that Pakistan and Ukraine had yet to fully exploit the available potential for trade and investment.

Pakistan's exports to Ukraine include woven cotton fabrics, rice, citrus fruit and sports goods while Pakistan's imports comprise fertilisers, dry vegetables, semi-finished iron products and others.