Pakistan urged to boost trade with Belgium

Official says Islamabad can use Brussels as depository to export to other European countries

LAHORE:

Pakistan should make concerted efforts to enhance bilateral trade with Belgium and in this connection, Islamabad can utilise Brussels as depository to export to other European countries, said Trade Commissioner of Embassy of Belgium in Islamabad Abid Hussain.

Addressing a ceremony to mark the Belgium Business Contact Day at the Faisalabad Chamber of Commerce and Industry (FCCI), he pointed out that though Belgium is a small country, it is included among the most developed countries of the world.

Responding to a question about Belgian investment in Pakistan, he considered Pakistan a very small market for Brussels’ investors.

“However investors from Belgium established TexPak in Lahore a few years ago,” he highlighted. “Currently, it has three units with a turnover of over $1 billion.”

Responding to another question regarding manufacturing of food grade steel in Pakistan, he requested the participants to submit a written proposal so that contact between concerned stakeholders could be ensured. The trade commissioner stressed that Covid-19 had badly impacted the global economy and trade delegations could only be exchanged after containing the pandemic.

Talking about Pakistan’s investment in Belgium, he said a company was set up by local investors, which is involved in manufacturing of nutraceutical products. He emphasised that enhancing investment from both sides will help uplift bilateral trade and Pakistan will welcome it in any case.

Moving on to textiles, he said that Pakistan exported textile products worth $500 million to Belgium but the entire lot was not for that country alone. “The products are for the entire free zone area from where they could be exported to any EU country without any customs duty,” he added.

Speaking on the occasion, Faisalabad Chamber of Commerce and Industry (FCCI) President Ihtesham Javed said, “In comparison to 2018, bilateral trade with Belgium declined in 2019 while another dip is expected this year due to the pandemic.”

“Keeping this in view, we must make serious efforts to stabilise our bilateral trade.”

He added that Pakistan was a major buyer of textile machinery and urged Belgian investors to establish textile machinery manufacturing units in Pakistan.

“Cheap labour, available in the country, can slash the units’ cost of doing business substantially,” he said.

Published in The Express Tribune, November 4^th, 2020.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.