ISLAMABAD: Pakistan and Czech Republic Joint Ministerial Commission (JMC) scheduled to be held on April 28-29, 2025 in Islamabad envisaging fostering deeper trade and the investment ties, particularly in sectors with untapped potential.
The Federal Minister for Economic Affairs, Ahad Cheema, has expressed enthusiasm for the forthcoming inaugural session of the Pak-Czech JMC during meeting with Ladislav Steinhubel, ambassador of Czech Republic to Pakistan. Both sides agreed to form sector-wise Joint Working Groups (JWGs) before JMC in order to make it more productive.
Ahad Cheema emphasised the importance of the JMC scheduled to be held on 28-29 April, 2025 in Islamabad in fostering deeper trade and the investment ties, particularly in sectors with untapped potential, and underscored Pakistan's commitment to ensuring that the session results in actionable, impactful outcomes.
The minister noted that the trade volume between both countries in the current fiscal year was $84 million, and emphasised the need to enhance it through closer economic cooperation.
He added that renewable energy, information technology, healthcare, nanotechnology, agro-technology, mining, and green technologies are the key areas of cooperation which can be helpful in boosting trade. The minister also highlighted the potential for both nations to explore electric vehicle (EV) manufacturing in Pakistan. He hoped that the EV industry of Czech Republic will cooperate with Pakistan in order to establish EV manufacturing plants in Pakistan.
The minister welcomed the activation of the Agreement on Economic Cooperation between Pakistan and the Czech Republic, which came into effect on June 1, 2024 after the completion of procedures and formalities. This agreement provides a solid foundation for enhanced bilateral relations, opening new avenues for cooperation across a range of sectors, including energy, technology, healthcare, and more.
Cheema highlighted that Pakistan, due to its strategic position as a gateway between South, Central, and East Asia with access to the Middle East, holds significant potential for collaboration with the Czech Republic which is located at the heart of Europe. He noted that the complementary strengths of both countries, particularly the Czech Republic's expertise in technology and innovation, provide a solid foundation for mutually beneficial partnerships in trade, investment, and industrial cooperation.
The minister emphasised the importance of collaboration in educational exchange and manpower supply for strengthening bilateral ties. He highlighted that Pakistani students will gain access to scholarships at renowned Czech universities, enhancing their education and skills. Furthermore, both countries are working to formalize labour exchange agreements, which will facilitate workforce development and foster greater economic integration. These initiatives aim to improve expertise, promote knowledge transfer, and create a more competitive workforce, contributing to sustainable growth and deeper cooperation between Pakistan and the Czech Republic.
The ambassador of the Czech Republic to Pakistan expressed his country’s strong commitment to strengthening ties with Pakistan. He noted the importance of collaboration in both traditional and emerging sectors, emphasizing that the Czech Republic sees Pakistan as a key partner in the region.
He highlighted his government's eagerness to work closely with Pakistan to explore new business opportunities and build a mutually beneficial partnership. The ambassador also conveyed optimism about the upcoming JMC session, anticipating it will drive meaningful progress in expanding economic and trade relations between the two nations.
Copyright Business Recorder, 2024
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