Kazakhstan has tremendous business opportunities for Pakistani businessmen so they should avail these opportunities. "Kazakhstan has an import-oriented economy with very little industrial base," Pakistan's Ambassador in Kazakhstan Irfan-ur-Rehman Raja said while speaking at the Lahore Chamber of Commerce and Industry (LCCI), here on Wednesday.
He said that the business opportunities were available in auto parts, hand engraved furniture, readymade garments, artificial jewellery, stationery items, confectionery, marble tiles, bed sheets, fresh fruits and vegetables. Pakistan and Kazakhstan need to realise the existing potential for trade between the two countries.
Kazakhstan's trade with other countries, Raja said that trade between Kazakhstan and India was $375 million, with Iran $3 billion, with China $14 billion, with Russia $18 billion while the trade volume between Pakistan and Kazakhstan was only $15 million. LCCI Senior Vice President Ijaz A Mumtaz stressed the need for holding of single country exhibition in Kazakhstan.
"Pakistan can meet a major segment of Kazakhstan's imports and on the other hand iron and steel, cereals, ores, wheat and cotton could be imported from Kazakhstan. He also called for fast, smooth and cheap transport system between the two countries saying that at present, most of the trade is being conducted by air, which is very costly source of transportation. Trade via Afghanistan is the shortest and cheapest land route but it is not yet available due to unstable circumstances in the country," he added.
Moreover, efforts could be made to look into the possibilities of using alternative route through Iran and China. He said that the two countries could collaborate in banking, metallurgical, steel, chemical and petrochemical sectors. Pakistan could help a lot in establishing the banking system in Kazakhstan, which was presently in early stage and needs a lot of improvement, he added.
LCCI Vice President Faisal Iqbal Sheikh said that Pakistan's economic relations with Kazakhstan, offering large opportunities and prospects was negligible. Bilateral trade of around $15 million between Pakistan and Kazakhstan is too meager to be mentioned. The Chambers of commerce in both the countries could join hands to increase trade, he added.