Ambassador of Bosnia Armin Limo has said that bilateral trade between Pakistan and Bosnia can be increased five times from the current two million Euros per annum. Bosnia can help Pakistan in areas of energy and defence production as having expertise in these sectors.
He was speaking at the Lahore Chamber of Commerce and Industry, here on Monday.
He further said that Bosnia possessed expertise in the construction of mega dams, transmission lines and grid stations and Pakistan could avail its experience to overcome its energy crisis
"Pakistan can send its products to Bosnia directly. Currently Pakistani products are reaching our homeland through other countries that results in increased prices," he observed.
The ambassador said that the five independent states that had been part of former Yugoslavia now had population of over 20 million and Pakistan could boost trade ties with them by enhancing its exports of textile, rice and surgical and sports goods. He said that good relations of the two countries needed to be translated into enhanced economic co-operation. Bosnia and Herzegovina and its neighbouring countries are safe, stable and an excellent gateway to EU countries, he maintained.
They have modern legislation adapted to the highest international standards ready to accept foreign investors, he added. Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh urged the Pakistan government to sign Preferential Trade Agreement (PTA) with Bosnia Herzegovina without any further delay. The delay in signing of the much-needed PTA with a country that is a gateway to Europe was badly hitting the bilateral trade and economic relations, therefore concrete measures were needed to remove impediments in the way of Preferential Trade Agreement, he observed.
He said that there are vast opportunities of investment in Pakistan and the businessmen have ability and capacity to launch joint ventures with Bosnia in various sectors including dairy farming. He said the economic relations between the two countries did not reflect their close fraternal ties and there was a need to cement trade and economic relations. He stressed upon the business community to establish their warehouses in Bosnia because European Union was excellent market for Pakistani products.
Sheikh further said that solid measures should be taken to enhance the trade volume between the two countries, adding that the exchange of trade delegations and holding joint exhibitions would pave the way for increasing the bilateral trade volume.