Swedish Ambassador in Pakistan Ulrika Sundberg has said Pakistan is known for a number of products in the world but it need to introduce them properly in the European market. Pakistani business community would have to form aggressive strategy to enter into Swedish market because its people were not only quality conscious but very careful while making deals with other countries, she said while speaking at the Lahore Chamber of Commerce and Industry (LCCI) here on Monday.
Both the countries need to identify more tradable products to enhance their mutual trade while Pakistan can exploit its potential by enhancing exports of 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, she added.
Sundberg said that Sweden was taking appropriate measures to expedite trade relations with Pakistan. She informed that the Swedish Trade and Commerce Minister would visit Pakistan in the near future. 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 had great potential in all the sectors discussed above.
Sweden as an important member of European Union had a huge untapped potential and the Pakistani businessmen should come forward to avail these opportunities. She said that there was a dire need to develop a close liaison between private sectors of Pakistan and Sweden for exchange of information and market research.
Speaking on the occasion, the LCCI Senior Vice President Ijaz A Mumtaz said developing countries like Pakistan were struggling to make their place in the market of developed economies and Sweden could help Pakistan win more European markets, which was the second biggest consumer market after the US.
"It is high time for both the countries to make a new start by initiating new business ventures," he said adding that Pakistani Mission abroad could help in multiplying the existing volume of exports, which was very small as compared to other global economies.
The LCCI Senior Vice President said that Sweden had 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 was a need to invite Swedish businessmen to establish such industries in Pakistan on 100 percent equity basis or in collaboration with Pakistani businessmen.
Pakistan could provide access to the Central Asian States, South Asia and Gulf States markets, he added. It was necessary that the business houses and the Chambers of Commerce and Industry of the two countries were actively engaged to further expand economic and commercial ties. He urged the ambassador to help explore areas of trade and co-operation between the two countries, he maintained.
Mumtaz said that a brief analysis of the trade volume between the two countries indicates that trade between Pakistan and Sweden stayed around US $120 million during last five years. It should also be noted that Swedish international chain stores buy Pakistani goods for approximately US $150 million, which were exported to the markets of other countries.
He said that there was 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 future demands of different products in the two countries. Frequent trade promotional activities should also be organised on reciprocal basis, he said.
He said that major bottleneck in promoting trade and economic activities between the two countries were 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 suggested.