Ambassador of Belgium Philippe Bronchain has stressed the need to enhance trade and investment cooperation between the two countries as there are lots of things that can be done in different sectors of the economy which would prove beneficial for Belgium and Pakistan.
Speaking at a meeting of Karachi Chamber of Commerce & Industry (KCCI), he said that the business & industrial community of Karachi must look into the possibility of exploring trade and investment opportunities in Belgium which, though, was not a huge country but very open and had the second largest port in Europe along with excellent pharmaceutical and other major industries.
The Ambassador said that trade, investment, economic and friendly relations between the two countries were very important to him and he had a mission to make them stronger.
"We would like to contribute towards further promoting mutual understanding between our two countries, and we also need to promote the image and perception about Pakistan," he added.
He was of the opinion that both countries must identify more areas for cooperation and introduce more tradable items to enhance the existing trade volume while Pakistani business community should benefit from the geographical location of Belgium in the European Union.
"There should be more interaction between the business communities of the two countries to enhance trade and economic cooperation," he stressed.
President of KCCI Agha Shahab Ahmed Khan, while welcoming the Ambassador, pointed out that during FY18, Pakistan exported goods worth $666.4 million while the imports from Belgium amounted to $518.6 million.
He noted that in Dec 2014, KCCI organized Belgian Companies' Catalogues Exhibition in collaboration with the Embassy of Belgium in its efforts to promote bilateral trade which was followed by another Belgian Companies' Catalogue Exhibition held in March 2017 at KCCI.
Agha Shahab said that Belgium was one of Pakistan's largest trading partners within the EU. Belgium had extended consistent support that helped Pakistan acquire GSP Plus status in 2013. It had also provided humanitarian assistance during the floods in Pakistan in 2010.
"The Governor of Punjab recently visited Brussels to help get extension of GSP Plus status till 2022. A decision on this vital issue is expected in March 2020. Cooperation in education is also on the rise as there are increasing number of partnerships between universities in Belgium and the Higher Education Commission of Pakistan," he added.
Commenting on potential to enhance trade and investment cooperation between Pakistan and Belgium, President KCCI said that as Pakistan is the fifth largest producer of milk and Belgium has been producing world-class dairy and confectionary products particularly the excellent dry milk and chocolates, the business communities of the two countries must undertake Joint Ventures in these sectors.
"If JVs are not possible, we must look into the possibility of technology transfer, technical collaboration or licensing to Pakistani companies," he said, adding that Belgium is the gateway to European Union therefore, the Pakistani exporters should not remain confined to just five traditional items but diversify their exports by sending non-traditional items as well, particularly fruits.
Belgium has expertise in engineering, automobile sector, chemicals industry, crystal & glass products, electrical goods and electronics. Therefore, there are good prospects for undertaking joint ventures in Pakistan. These industries have made Belgium among the top 10 destinations for foreign direct investment worldwide. Joint ventures in these industries can help Pakistan's efforts to attract FDI.
He said that as Belgium was eyeing the global Halal trade, the business communities of the two countries must look into the possibility of collaborating with each other in this important sector as Pakistan is ideally located at the center of the Silk Road towards Gulf Muslim countries.
Pakistan could help Belgium expand its trade to the Central Asian Countries, China, India and the Middle East while Belgium in turn could help Pakistan expand its trade with the European countries, he added.
He further mentioned that tourism can greatly help enhance people to people cooperation as Pakistan has lots of beautiful places for Belgian tourists to explore. "Being aware of the energy needs, Belgium can offer Pakistan its help in oil and gas exploration."
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