To become a stronger and attractive business destination in real economic term, Pakistan needs to enhance its trade with the regional countries in a fashion and style Sweden is doing with the countries in the European Union. The Vice President International Department of Sweden Chamber of Commerce Ms Charllotte Nyberg, who is heading a delegation to Pakistan, stated this while speaking at the Lahore Chamber of Commerce and Industry on Monday.
Pakistan's Commercial Consular in Sweden Javaid Akber Bhatti also spoke on the occasion. Charllotte Nyberg said that Sweden is presently doing 80 percent of its trade with regional countries in the European Union thus Pakistan should adopt the same methodology because it has a marvellous potential in all the sectors.
She said that Sweden for being an important member of European Union has a huge untapped potential and the Pakistani businessmen should come forward to avail these opportunities. The Swedish delegation head further said there is a dire need to develop a close liaison between private sectors of Pakistan and Sweden for exchange of information and market research. Both the countries need to identify more tradable products to enhance their mutual trade.
Pakistan is known around the globe for its textile products, sports goods, surgical instruments, fresh fruits and vegetables, rice, carpets, leather made ups, fish and fish preparations, handicrafts, artificial jewellery, fancy furniture, footwear, hosiery, garments, and so many other consumable items, which still needs to be properly introduced in European market, she maintained.
She said that Pakistani business community would have to adopt an aggressive strategy to enter into Swedish market because Swedes are not only the quality conscious but very selective and careful while making deals with other countries. Speaking on the occasion, the LCCI Senior Vice President Ijaz A Mumtaz said the developing countries like Pakistan are struggling hard to make their place in the market of developed economies and Sweden can help Pakistan win more European market, which is the second biggest consumer market after the United States.
It is high time for both the countries to make a new start by initiating new business ventures, he said and added the Pakistani Mission abroad could help a lot in multiplying the existing volume of exports, which is very small when it is compared to other global economies. He said that Sweden has highly advanced industries, such as iron and steel, precision equipment (bearings, radio and telephone parts, armaments) wood pulp, paper and paperboard, processed foods and motor vehicles.
There is a need to invite Swedish businessmen to establish such industries in Pakistan on 100 percent equity basis or in collaboration with Pakistani businessmen. Pakistan has cheap but skilled labour and a huge market for such products. It is a key market of 155 million people. It can service the markets of Central Asian States, South Asia and Gulf States, he added. Business houses should be set up and chambers of commerce and industry of the two countries must be actively engaged to further strengthen the economic and commercial ties, he maintained.
Ijaz A Mumtaz urged the visiting delegation to help explore areas of trade and co-operation between the two countries. He said that a brief analysis of the trade volume between the two countries during the last five years indicates that the total trade between the two countries averages around $120 million. It should also be noted that Swedish int'l chain stores buy Pakistani goods for about $150 million that is exported to other markets than Sweden.
There is a vast room to further enhance the trade profile of the two countries by adding to the list of items currently traded. In-depth market research should be conducted to identify more items keeping in view the futuristic course of demands of the products in the two countries.
More frequent trade promotional activities are required to be organised on reciprocal basis, he added. He said that major bottleneck in promotion of trade and an economic activity between the two countries is the lack of information about business opportunities available between the two countries. We need to undertake frequent activities like exchange of business delegations, organising country exhibitions, participation in fairs and exhibitions, seminars and workshops etc to ensure a continuous liaison, he maintained.