D-8 trade expo begins on sidelines of summit

Member countries have set up stalls to promote business linkages.

ISLAMABAD: A wide range of products have been put on display at the four-day Developing-8 (D8) nations’ trade exhibition that started here on Monday with an objective to explore trade potential and develop partnerships among members countries for overall economic development. All member countries, including Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Turkey and Pakistan, have put their products on display. The expo is being held at the Pak-China Friendship Centre, on the sidelines of the D8 Summit.

Prime Minister Raja Ashraf, who spoke on the inauguration ceremony of the exhibition, said Pakistan believed that access to markets should be based on equitable principles and had always raised a voice for promoting unhindered market access. “Free trade is the best guarantor of sustainable economic growth,” he said; adding that by engaging with regional partners, Pakistan aimed to increase exports in the region from 17% to 25% and conclude free trade agreements with several countries.



He said that Pakistan had also taken the initiative of hosting the first-ever meeting of the heads of trade promotion organisations (TPOs) of D8 countries. He said the initiative was intended to institutionalise trade relations among D-8 members and added that TPOs could play a critical role in catalysing the private sector and identifying avenues of cooperation in trade promotion.

Pakistan has displayed a range of electrical, engineering, cutlery, textiles, sports and halal products to attract the attention of local as well as D8 businesspersons.

Various companies from Turkey have displayed products at their pavilion. The Turkish private company DOGUS, which operates in halal meet processing, solid waste management and establishment of bio-gas plants, has also displayed its equipments at the exhibition. The company intends to invest $70 million in establishing modern slaughter houses in Karachi, Lahore and Islamabad for processing meat in the country. The company’s Country Director Faith Barut informed APP that the company has already established modern cold storage in Lahore with a total investment of $400 million. He further said that the company was also interested in establishing a bio-gas plant in Karachi for producing electricity at a total cost of $40 million. The project is in the negotiating stage, he said, adding that it will also produce bio-fertiliser.

The Malaysian Palm Oil Council, which produces shampoo and other body care products from palm oil, has displayed its products in the exhibition with an aim to export its products at affordable prices to Pakistan. Other countries have also shown interest in tapping Pakistani market.

Published in The Express Tribune, November 20^th, 2012.