Mexican Ambassador, Jose Alfonso Zegbe, has said that Mexico could be a tangible and lucrative market for Pakistani products therefore Pakistani entrepreneurs must explore this huge untapped destination. He was speaking at the Lahore Chamber of Commerce & Industry. Director of Promexico for the Middle East Juan Cepeda, and LCCI sitting and former office bearers were also present on the occasion.
He said that Mexico and Pakistan have good prospects for improving mutual trade and economic ties therefore businessmen of the both countries should take initiatives for tapping all areas of mutual cooperation. Mexican entrepreneurs are interested to know about Pakistan's business procedures for setting up new businesses and potential areas of investment in Pakistan. Mexican economy is improving and diversifying, he said.
The Ambassador said it is good time that Pakistani businessmen should explore Mexico for business opportunities; adding that sustainable relations could be developed through removing the issues of double taxation and Intellectual Property Rights. Mexican embassy will facilitate the businessmen who want to do business with Mexico. He invited the LCCI President to arrange a trade delegation for Mexico to explore trade and investment opportunities that would also set ground for joint ventures between the businessmen of the two countries.
Director of Promexico for the Middle East Juan Cepeda called for institutionalizing the channels to know more about each other. Mexican embassy will ensure provision of trade fairs and exhibitions related information to the Pakistani businessmen. He said that Special Economic Zones and Textile Hubs are being established in Mexico. Mexico is gateway to the United States of America and Latin America. He informed the participants that Mexico has sent first consignment of Halal meet to Qatar and want to do work with Pakistan in this sector.
The LCCI President Abdul Basit highlighted that in 2016, Pakistan's total exports were worth US $20.5 billion and out of that Mexico's share was only 0.5 percent. Both countries should make effort to diversify bilateral trade as there is immense potential between two countries. He said that Businessmen from both the countries should be encouraged to take more initiatives for exploiting the untapped potential of each other markets. Pakistan and Mexico have good prospects for improving trade but the bilateral trade figures do not reflect it.
He said that Pakistan major exports to Mexico include traditional textiles, rice, cotton and surgical instruments whereas Pakistan's major imports from Mexico include plastic, industrial tubes and automotive parts. Furthermore Halal Food, food processing, pharmaceutical, auto-parts are promising sectors for mutual cooperation between the two countries.
Pakistan is enriched with great natural resources. It is a good time that Mexican entrepreneurs and businessmen should identify business processes and also explores ideas for setting up new businesses. We can help them out in marking the potential areas of investment in Pakistan, he added. "We really welcome the decision of Mexican Government for formally setting up their embassy in Pakistan. This step is going to be very essential for further improving our relations with each other, he maintained.
Speaking on the occasion, the LCCI Senior Vice President Amjad Ali Jawa announced to lead a trade delegation to Mexico in 2018 to explore trade and investment opportunities.
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