Deputy High Commissioner Bangladesh, Ruhul Alam Siddiqui has said that there is need to promote trade among the South Asian countries. "We should stop looking towards US and other European countries and should cooperate with each other," he said while speaking at a meeting organised at Karachi Chamber of Commerce and Industry (KCCI) on Monday.
He said that Pakistan and Bangladesh have a lot of potential and can initiate joint ventures in different areas. At present, Bangladesh is importing motor bikes from India and China and can also import from Pakistan. The both countries can also work in many other areas like textile and leather sector. He was of the opinion that Pakistan can benefit from Bangladesh preferential access to EU markets by establish textile units in Bangladesh.
It is Siddiqui's first visit to any trade organisation in Karachi since he took charge as Deputy High Commoner Bangaldesh. He advised business community to visit Bangladesh to see the existing opportunities of trade and investment. He informed that several Pakistani investors have already made investment in Bangladesh Export Processing Zones and making profitable business. Referring to visa issues, he assured that on the recommendation of KCCI, visas would be issued in the next few days.
Welcoming the guests, President KCCI, Abdul Majid Haji Mohammad expressed concern over meagre volume of two-way trade. He said that two-way trade between two countries stands at 340 million dollars far behind from the target of 1 billion dollar. He said Pakistan and Bangladesh has great potential to initiate joint venture in textiles as Pakistan is rich in material resources while Bangladesh has preferential access to EU markets.
He noted that Bangladesh does not have textile spinning and weaving sectors and it can take advantage from Pakistan's strength in this regard while Pakistan can take advantage from Bangladesh Garment expertise. There is need to do joint ventures. He said Pakistan could help Bangladesh to develop its engineering sector as Pakistan has the strong technical and human resource in this field.
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