Mauritius is keen on developing economic relations with Pakistan and would like to tap into the bilateral trade potential in many areas, the High Commissioner of Mauritius Rashidally Soobadar informed businesspeople during his visit to the Federation of Pakistan Chamber of Commerce and Industries (FPCCI) Capital Office in Islamabad on Thursday.
Mauritius imports many products from India and China and Pakistan could get a piece of that pie by boosting trade, exporting high quality products and skilled human resources, Soobadar said. He also highlighted the mutual benefits of increased cooperation in the tourism sector.
“Mauritius can be a stepping-stone for Pakistan to enter into the markets of Southern and Eastern Africa. Pakistan should further strengthen its cooperation with Mauritius to get better access to African markets,” he remarked. Similar views were echoed by the FPCCI business leaders who welcomed the envoy.
The Pakistan Business Council (PBC), a business policy advocacy platform, however, recalled that despite a preferential trade agreement (PTA) being signed with Mauritius in 2007, none of the objectives were met.
Speaking to the Express Tribune, Korangi Association of Trade and Industry (KATI) President Farazur Rehman explained that African economies are based mostly on imports.
“Pakistan can target their agricultural, textile, medicine and other sectors,” he said adding that, “Pakistani businesspeople, who only target the European market, should focus simultaneously on the African markets as immense opportunities lie there. Besides, we need to diversify to avoid any potential blackmailing.”
“Today, investors from all around the world are focusing on the African market instead of the European markets. Not only that, India is also putting great efforts into promoting diplomatic relations and trade ties with African countries,” he added.
Addressing the businesspeople, the envoy lamented that “While a PTA was signed between the two countries in 2007, no efforts were made to enhance bilateral trade relations, and unfortunately, it was dumped.” He assured the facilitation of Pakistan’s private sector in further enhancing two-way trade and economic relations with Mauritius.
“Mauritius wants to enhance trade relations with Pakistan and the business communities of both sides must interact with each other to boost trade volume. We would like to share our knowledge and expertise with the Pakistani business community,” he added.
Arif Habib Commodities CEO Ahsan Mehanti told the Express Tribune that, “Mauritius is an emerging economy that has now planned to boost trade relations with Pakistan. Their ambassadors have been coming to encourage trade and this is indeed an opportunity for the business community to trade in common currencies or export items that brings foreign exchange to Pakistan.”
Trade, at present, is at minimum level while investments can pour in once ties improves in the fields of IT, agricultural products and other products, which the country is currently trading in with India and China, he maintained.
In his speech, FPCCI President Irfan Iqbal Sheik said, “Bilateral trade between the two countries is still far less than their actual potential.”
He encouraged the private sectors of both sides to explore new avenues to improve trade volume.
“Pakistani products including meat, fruits, food, textiles products, and many others could find good markets in Mauritius at competitive prices,” he said, urging Mauritius to enhance imports from Pakistan.
“Both countries should put extra efforts to establish direct air links that would help in improving people-to-people contacts and bilateral trade as well,” he suggested.
He stressed that, “Mauritius is a gateway to African countries with a huge scope for Pakistani products, especially textiles, cosmetics, cotton, cereals, pharmaceuticals, and plastic. The businesspeople must explore these marvelous opportunities.”
Arif Habib Limited (AHL) Head of Research Tahir Abbas suggested that “Pakistan should find new export avenues, particularly competitive ones that don’t call for sophisticated value addition. The focus should remain on locating new markets, products and value addition to earn maximum foreign exchange for the country.”
Hoping for growth in bilateral relations between the two countries, FPCCI Vice President Umar Masoodur Rehman observed, “Mauritius and Pakistan have longstanding historical relations while sharing almost the same tradition, culture and roots.”
“There is a huge scope for trade expansion and the private sector must step forward to become front-runners in creating new avenues for better trade and investment relations,” urged Rehman.
FPCCI member Sohail Altaf highlighted that Pakistani products were one of the best in the world and have the potential to get a suitable share in the Mauritian market.
Published in The Express Tribune, October 21st, 2022.
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