Pakistan's exports to Spain could reach up to $6.2 billion since the country has potentially large export volume comprising sectors like textiles, mineral fuels, leather products, plastics and plastic products, optical, photo, technical and medical apparatus, raw hides and skins, fish, and fish products.
The Acting President, Lahore Chamber of Commerce and Industry (LCCI), Yaqoob Tahir Izhar told Ambassador-designate to Spain, Humaira Hassan on Wednesday.
"The responsibility lies with the Pakistan Embassy in Spain to ensure dissemination of all business-related information to the chambers in Pakistan so that the business community could do business in the areas where the scope exists. Pakistani merchandise are reputed for quality and standard all over the world only a little effort could help Pakistan earning much-needed foreign exchange from Spanish market", he said
Izhar said the total trade between Pakistan and Spain in 2005-06 was only $512 million. The major part of he trade was export comprising apparel, cloth accessories, leather and leather products, sports goods, fish and fish products, cane molasses and surgical instruments. On the other hand, country's imports include organic chemicals, iron and steel, pharmaceutical products, dying and tanning material, transport vehicles and equipment, machinery and parts, tiles and paper and paper board.
He said both countries should initiate by identifying the areas of co-operate. "Non-availability of required trade-related data is the biggest hurdle to establish trade between any two countries. Pakistan embassy should play a proactive role, keep itself abreast of the demand of Spanish markets for imported goods and to interact with Spanish business circles," he added.
He urged the ambassador-designate to arrange sector-specific delegations of Spanish businessmen to visit Pakistan for first-hand knowledge about trade and investment opportunities in Pakistan. " Business community and diplomatic missions of both countries should exchange of trade delegations, exhibitions of products and socio-cultural programs can help building better trade tie," he said.
The LCCI Vice President, Mubasher Sheikh urged Hassan to look for joint ventures (JV) opportunities stressed focusing Pakistan's economic strength, strategic location and available investment opportunities.
He said Pakistan is one of the fastest growing economies of Asia along with China and India. Its GDP has averaged seven percent over the past four years.There is an increased flow of foreign investment in Pakistan. It was $8.4 billion in 2006-07 against $0.56 billion in 2002-03. Pakistan is fast growing as a trade and energy corridor for Central Asian Republics, China and Afghanistan.
It has also developed Gwadar Deep Seaport linking with these countries through a network of roads and rails and potential foreign investors will find its market in these countries. "Doing business in Pakistan is easier than the other regional countries. There is no restriction on the repatriation of capital and profits," he said.
He hoped bilateral trade between Pakistan and Spain in the sectors like pharmaceuticals, electrical appliances, food items, engineering goods, agro-based products, mineral and mineral-based products, tourism and power generation sectors while Spain has the technology to construct dams as it has done in Chile, Argentina and Brazil. Spain is also the biggest user of renewable sources of energy," he added.
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