KARACHI: Irfan Iqbal Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has apprised that in a landmark achievement, FPCCI & Algerian Chamber of Commerce & Industry (CACI) have established Joint Business Council (JBC) aimed at broad-based & strategic objectives.

These objectives are (i) to ensure direct exchange of information among Algerian and Pakistani business communities regarding economic and market situation, production and business opportunities; as well as, technological and industrial cooperation; (ii) To facilitate contacts among Algerian and Pakistani businessmen in economic, industrial and technological cooperation; i.e., joint ventures, transfer of technology, licensing and know-how (iii); to utilize every possible initiative aimed at strengthening of bilateral economic relations; (iv) to study and submit to their respective governments the proposals and policy measures designed to develop economic cooperation between the two countries.

Sheikh explained that Pak-Algeria JBC will create an enabling environment for both the federation chambers to take definitive strides towards taking the bilateral trade volume to $1 billion in the short-term through creating interdependencies and complementary economies as the conditions of both the countries are similar vis-à-vis socio-economic indicators.

FPCCI Chief added that it is pertinent to note that, in the past few years, Pakistan’s bilateral trade with Algeria has declined from $100 million to less than $25 million; notwithstanding the fact that trade balance was in favour of Algeria. As a result, FPCCI has taken the resolute initiative to establish JBC to foster trade & economic relations between the two countries.

Copyright Business Recorder, 2022