A high-profile delegation of Faisalabad businessmen will leave for Brazil to try and capture the lucrative business opportunities available for Pakistan, Faisalabad Chambers of Commerce and Industry (FCCI) President Engineer Suhail Bin Rashid said on Monday.
Rashid said that sending such delegations in order to improve bilateral trade should be made a regular practice, adding that this year FCCI is focusing on regional and non-traditional trade.
“The prime objective of the trade delegation is to strengthen economic ties and promoting bilateral trade to optimum level of both countries,” said Rashid. “Brazil has great potential for enhancing bilateral trade with Pakistan being the world’s sixth largest economy, eighth biggest consumer market, one of the fastest growing major economies, moderately free markets and an inward-oriented economy,” he added.
Rashid said that there is potential for the export of Pakistani fabrics, bed sheets, yarn, sports socks, garments, farm implements, and business related computer services, while raw cotton, soya bean, soya bean oil, paper, lumber, iron scrap, sugar and ethanol machinery can be imported from Brazil. Pakistan’s bilateral trade with Brazil was only $278.18 million in 2012, which is far below compared to the economy size and trade volume of both the countries with the rest of the world, Rashid said.
Chairman of the International Affairs and Trade Delegations FCCI Jamil Ahmad said that Brazil has a GDP size of about $2.5 trillion (2012). Brazil, with a population of 192 million inhabitants and a 92% literacy rate, is the most populous and largest country in Latin America with an area of 8.5 million square kilometres (the 5th largest in the world), Ahmad said. Brazil’s total trade volume is $466 billion and its per capita income is about $12,000.
“Brazil and Pakistan have long entertained warm and friendly ties. So far nine bilateral agreements have been signed and both are coalition partners in numerous multilateral negotiations, including the liberalisation of international trade,” he added.
“I am very confident that the delegation to Brazil will respond overwhelmingly to bilateral trade promotion and strengthening of economic ties between both countries to an optimum level,” Ahmad said.
Published in The Express Tribune, March 4th, 2014.
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