Federal Minister for Economic Affairs, Sardar Ayaz Sadiq on Friday highlighted the importance of developing a plan of action to improve trade with Kazakhstan.
Addressing the Pakistan-Kazakhstan Inter-Governmental Joint Commission (IJC), the minister said, “The trade volume between the two countries was recorded at just $163 million in 2022.”
“There is still a lot of unexplored potential available,” he said, urging both countries to develop a plan of action to enhance trade activities and remove trade barriers.
“Holding frequent joint business council meetings and facilitating businesses to introduce products into each-others’ markets can also play a vital role in promoting trade,” said Sadiq.
He also expressed hope for the early finalisation and signing of a transit trade agreement between the two sides to further enhance bilateral trade.
“Both countries enjoy good cordial relations and the IJC, established back in 1993, will further strengthen this bond. It will also act as a platform to help both sides capitalise on the available economic opportunities, including investment and trade,” hoped the minister.
“The business and investment situation in Pakistan has improved and will be further strengthened through the signing of various agreements with Kazakhstan,” he said.
Inviting Kazakh investors to look at the investment opportunities available in the tourism sector, the minister said, “Pakistan is a beautiful place with huge diversity, having 5 out of 14 highest peaks of over 8000 meters. Promoting tourism and culture is also a priority of the government.”
“Both countries are agri-dependent and should cooperate in agriculture research to enhance value addition, processing of products and joint ventures,” he said.
Furthermore, strong focus should be placed on higher education in addition to an exchange program for faculty and students, apart from the signing of different agreements between various universities.
The federal minister iterated that Pakistan attaches importance to a peaceful environment in the neighbourhood and invited Kazakhstan to be a part of China Pakistan Economic Corridor (CPEC) and take its benefit.
In addition to this, there was also a need to have connectivity through rail, road, and air besides cooperating in tapping the potential of natural resources and precious metals.
Published in The Express Tribune, December 24th, 2022.
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