Pakistan is one of the eleven new emerging economies of the world with a steady economic growth of 7 percent for the last four years and trade is growing at a very fast rate. This was stated by the Ambassador of Belgium to Pakistan Michel Goffin in his massage while welcoming to the visiting Wallonia Foreign Trade & Investment Economic & Trade Mission from Belgium.
The Honorary Consul of Belgium, Sadaruddin Hashwani hosted a reception in the honour of the Belgian ambassador and members of the mission at a local hotel here on Monday.
The ambassador said that Pakistan and Belgium had enjoyed excellent relations but they further boosted during recent years as the politicians of the two countries had decided that it was high time to upgrade their ties.
"For the first time in our bilateral history, a Pakistani president paid an official visit to Belgium in September 2006 and this visit was immediately followed by Belgian Foreign Minister M. Karel De Gucht. Prime Minister Shaukat Aziz, had extensive consultations with our Prime Minister Guy Verhofstadt on financial and trade co-operation," he added.
He said: "I am confident that the trade mission will bear its fruits because it is coming to do business in a country that has been on a quite spectacular economic recovery, with a steady economic growth of 7 percent for the last four years".
Goffin urged Pakistani business community to invest in Belgium if they wanted to enter the European market. Bilateral trade between Pakistan and Belgium sustained its upward trend as Belgium exports during the first half of 2006 to Pakistan registered an impressive increase of 17 percent, over the same period last year rising from Euro 111.8 million to Euro 131 million, he maintained.
This growth was, however, slower than the increase of 34.91 percent in 2004 over the same period in 2005, he further said.
As usual the main drivers for this increase were chemicals, industry raw materials, iron & steel, industrial plant & machinery and food products.
However, Pakistani exports, dominated by the textile sector (73.5 percent), registered a slower growth (almost 1 percent) for the first half of 2006, rising from Euro 117 million to Euro 118 million, whereas they increased by 9 percent for the same period in the preceding year.
The total bilateral trade was in the favour of Belgium as the total exports from Belgium to Pakistan stood at Euro 131.087 million in the first half of 2006 while the total exports from Pakistan to Belgium were Euro 118.200 million.
Walloon exports to Afghanistan, the other country under the jurisdiction of the Economic & Commercial Representation in Islamabad posted an even healthier increase of 101 percent over the same period in 2005, the total Walloon exports rising up to Euro 2.3 million. Total Belgian exports to Afghanistan stood at Euro 4.37 million, registering an increase of merely 3.4 percent.
The Wallonia Foreign Trade & Investment Agency is the body of the Wallonia Region of Belgium in charge of promoting foreign trade and investment. The Agency runs a network of 105 economic and commercial representatives throughout the world. The agency is certified ISO 9001: 2000 since April 2002.
In its Foreign Trade capacity, the Agency's mission is to promote and inform both international and Walloon companies.
The agency is the dedicated partner, offering them a wide range of services and activities covering all stages of export including general and commercial information on foreign markets and contact with international organisations, drafting individual market research requests, organisation of commercial canvassing (international shows, economic missions, sector-based contract days), contacts with international organisations, promoting Wallonia and its exporting potential and financial support and export financing.
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