Swedish Ambassador in Pakistan, Ulrika Sundberg on Saturday said Sweden is making all-out efforts to help Pakistan get Generalised System of Preferences (GSP) Plus status in European Union. Speaking at the Lahore Chamber of Commerce and Industry she said, "We are very much pushing for GSP Plus status for Pakistan as we believe that Pakistan has a huge untapped potential".
The ambassador said the Swedish business community was willing to work with their counterparts in Pakistan. There was a dire need to develop a close liaison between private sectors of Pakistan and Sweden for exchange of information and market research, she said adding that Sweden for being an important member of the European Union has huge opportunities. The Pakistani businessmen should come forward to avail these opportunities, she said.
Sundberg said that both the countries need to identify more tradable products to enhance their mutual trade while focusing on value-addition. 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 items, which still needs to be properly introduced in European market.
The Pakistani business community would have to develop a strategy to enter in Swedish market because Swedes are not only quality conscious but very selective and careful while making deals with other countries, she maintained.
The ambassador said that Sweden was taking appropriate and sector-specific measures to expedite trade relations with Pakistan as presently it was doing 80 percent of its trade with regional countries in the European Union therefore, Pakistan should adopt the same methodology because it has a marvellous potential in all the sectors.
President LCCI, Shahzad Ali Malik said that like any developing country, Pakistan has always been experiencing trade deficit with Sweden. They would naturally like Sweden to import more from Pakistan to create a win-win situation for both the countries.
"We expect that Sweden whose agriculture sector holds quite negligible share in the structure of the economy, may consider increasing its imports from Pakistan particularly agricultural products. The taste and aroma of Pakistani rice, mangoes, Kinno have no match in the world, he said.
Conversely, Pakistan's major imports from Sweden are iron & steel, paper and paper-board, machinery, electrical and electronic equipment, pulp of wood, plastics & copper products and chemical products, etc. These too are a minor fragment of Pakistan's imports from the world. Hence there is a possibility of greater export of these commodities by Sweden to Pakistan.
The president LCCI said that for broadening mutual trade and investment, there is no powerful and effective way than the exchange of delegations. The LCCI is in correspondence with Stockholm Chamber of Commerce which is planning to take a Swedish delegation on reciprocal basis to Pakistan by the end of 2011, he revealed.
He said it is high time for both the countries to make a new start by initiating new business ventures. 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 & steel, precision equipment (bearings, radio & telephone parts, armaments) wood pulp, paper & 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 170 million people.
He said that to strengthen economic and commercial ties, it is necessary that the business houses and the Chambers of Commerce and Industry of the two countries interact with each other. He urged the ambassador to help explore areas of trade and co-operation between the two countries.
Senior Vice President LCCI, Sheikh Mohammad Arshad said that 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 said that major bottleneck in promotion of trade and economic activities between the two countries are the lack of information about business opportunities available between the two countries.
He said that they 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. The LCCI Standing committee on Women Entrepreneurs Development Convenor, Aasia Saail Khan gave a number of recommendations in her detailed presentation given to the ambassador on as to how the volume to trade between the two countries could be enhanced. While stressing the need for export of value added garments, handicrafts, jewellery, home linen and pharmaceutical products to Sweden, she urged the ambassador to ensure transfer of technology to Pakistan to overcome the issues being faced by the country including acute shortage of energy.