Pakistani entrepreneurs should explore joint venture opportunities with their Belgian counterparts, Belgium Trade Commissioner Abid Hussain said and cited pharmaceutical, gems, jewellery and diamond as the most lucrative areas.
Speaking to Lahore Chamber of Commerce and Industry (LCCI) President Mian Tariq Misbah, Hussain highlighted that pharmaceutical, gems and jewellery sectors in Belgium were advanced with abundant opportunities for investment and joint ventures.
“Pakistani businessmen should come forward and avail themselves of these opportunities,” he said, adding, “A Pakistani company is already investing in the pharmaceutical sector there but this sector of Pakistan should make a strong presence there.”
He pointed out that initially Gwadar and Port Qasim were developed by Belgian companies.
“Belgium is one of the top 10 richest states in the world. It has advanced technology, high-tech industries and 85% of its production is exported.”
Hussain stressed that Pakistani companies must forge joint ventures with their Belgian counterparts in the pharmaceutical sector and enter the European Union (EU) market.
Underlining the importance of trade and economic ties between the two countries, the trade commissioner said both countries should identify more areas of cooperation and should introduce tradable items to enhance the bilateral trade volume.
Speaking on the occasion, LCCI President Mian Tariq Misbah said Pakistan and Belgium had been investment and trading partners for the past many years.
“Among the top exporting and importing countries for Pakistan in the EU, Belgium holds sixth and seventh position respectively.”
He said traditionally the balance of trade had been in favour of Pakistan. “Trade volume between Pakistan and Belgium is around $946 million; our exports to Belgium stand at $598 million while our imports are worth $348 million.”
From 2017 to 2019, there was a dip in both export and import figures for Pakistan and Belgium.
Pakistan’s exports to Belgium went down from $701 million in 2017 to $598 million in 2019 while its imports decreased from $366 million to $348 million, Misbah said.
Major items of Pakistan’s exports to Belgium were readymade garments, home textile, hosiery items, rice, woven fabrics, tobacco, sports goods and cotton yarn.
Items imported from Belgium included pharmaceutical products, weaving machines, iron and steel waste, agricultural machinery, plastic articles, electrical and electronics equipment.
LCCI Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said during these challenging times when economic activities were being constrained across the globe due to Covid-19, there was a dire need to explore new opportunities for enhancing investment and trade.
They stressed that despite the tremendous trade potential that existed between the two countries, the volume of bilateral trade barely touched $950 million in 2019, recording a decrease of 4% as compared to 2018.
They highlighted that global imports of Belgium stood around $426 billion while its global exports were around $445 billion.
The LCCI office-bearers stated that there was a tremendous potential for Belgium to become the main supplying market of essential raw material, engineering goods, machinery and a variety of services to Pakistan.
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