Zimbabwean Ambassador Titus MJ Abu Basutu has stressed that the private sector and chambers of commerce of Pakistan and Zimbabwe can play a pivotal role in unlocking new business opportunities to strengthen economic relations and enhance trade volume.
"Both countries have abundant trade and investment opportunities and they should capitalise on each other's strength," the ambassador remarked while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday.
He acknowledged Pakistan's support to help Zimbabwe grow, saying that his government's strong trade and economic ties with Pakistan were very important. "The Zimbabwean government is keen on expanding relations with Pakistan and is looking forward to deepening trade partnerships," he said.
Sharing his views, LCCI President Mian Abuzar Shad underscored the longstanding diplomatic ties between Pakistan and Zimbabwe. He mentioned that Pakistan was among the first few nations to recognise Zimbabwe's independence on April 18, 1980 and had been engaged in defence cooperation with the African nation for a long time.
He pointed out that Zimbabwe was a member of the African Union and as a landlocked country in southern Africa it relied on Mozambique and South Africa for trade through sea routes. He said that the LCCI had consistently advocated for greater engagement with African markets to promote trade and economic cooperation.
Recently, Pakistan has shifted its focus towards the African continent. "We are actively supporting the 'Look Africa' and 'Engage Africa' policies initiated by the government of Pakistan. We are ready to define a clear roadmap for expanding trade relations with Africa through strengthened government-to-government and private-sector linkages," the LCCI president emphasised.
Expressing concern over the low bilateral trade volume, he cited data of the State Bank of Pakistan, according to which total trade between Pakistan and Zimbabwe stood at only $10.7 million in 2023-24.
Pakistan's exports to Zimbabwe were valued at $5.5 million while its imports from Zimbabwe amounted to $5.2 million. During the first eight months of the current financial year, Pakistan exported goods worth $3.4 million to Zimbabwe. He highlighted Zimbabwe's significant trade potential, saying that the country's global exports exceeded $7.2 billion while its imports surpassed $9.2 billion. "Pakistan has the capability to meet Zimbabwe's demand for agricultural products, pharmaceuticals, motorbikes, auto parts and apparel, among other goods."
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