Ambassador of Belgium to Pakistan Philippe Bronchain said that trade, investment, economic and friendly relations between the two countries are very important to him and he has a mission to make these stronger.
He was speaking at the Lahore Chamber of Commerce and Industry here on Monday. He said Belgium and Pakistan enjoy over 70 years of cordial relations, which have gradually expanded over the past decades. Belgium has always emphasized the importance of trade and investment and people-to-people contacts, he said. The bilateral trade between Belgium and Pakistan has more than doubled over the last decades that could be supplemented through joint efforts, he added.
The Ambassador said that both countries should identify more areas for cooperation and should also introduce more tradable items to enhance mutual trade volume. Pakistan should take full advantage of best geographical position of Belgium in European Union. There should be more interaction between the business communities of the two countries to enhance trade and economic cooperation. Pakistan is the beneficiary of GSP Plus Status and should avail full benefit from this facility, he said.
LCCI President Irfan Iqbal Sheikh said that two way trade which peaked in 2016 upon reaching $1.22 billion but subsided gradually to $979 million in 2018. From 2017 to 2018, there were dips observed both in exports and imports figures between Pakistan and Belgium. Pakistan's exports to Belgium went down from $701 million to $666 million while the imports decreased from $366 million to $313 million, he said.
He said that both countries need to make joint efforts to reverse this trend especially targeting to take the level of bilateral trade to at least 2 billion dollars. Pakistan has been experiencing favourable balance of trade with Belgium and we wish to maintain it. He said there are better prospects of increasing trade and investment relations on the basis of GSP plus status awarded to Pakistan by the European Union Commission. "We must find ways to enhance the current level of trade through identifying more items of trade", he added. The LCCI President said there are good prospects for undertaking joint venture projects in Pakistan with the help of Belgian experience and technical know-how in the fields of agro food processing, chemicals, surgical instruments, paper and paperboard, dairy, fertilizers and many more.
Copyright Business Recorder, 2019
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