ISLAMABAD: Minister for Commerce Jam Kamal has called for the establishment of joint ventures between Pakistan and Belarus in the industrial and agricultural sectors.
Speaking at the Pakistan-Belarus Joint Ministerial Commission on Tuesday, he emphasised that these partnerships aim to strengthen the industrial base, generate new employment opportunities, and facilitate technology transfer.
The Commerce minister invited Belarusian investors to explore the abundant investment opportunities in Pakistan, highlighting that the Special Investment Facilitation Council (SIFC) has been established to streamline and promote foreign investment across key sectors, including agriculture, energy, technology, and infrastructure.
Kamal noted that building partnerships will drive economic growth and mutual prosperity.
He stressed the importance of finalising the draft memorandum on cooperation in environmental protection and called for increased people-to-people contacts, cultural exchanges, and educational partnerships to further strengthen bilateral relations.
The minister highlighted that the Pakistan-Belarus Joint Ministerial Commission serves as a vital platform for reinforcing longstanding ties.
He noted that significant progress has been made since its establishment.
During the last financial year (2023-24), the trade volume between Pakistan and Belarus was recorded at $34.88 million, with Pakistan exporting goods valued at $0.39 million to Belarus and importing goods worth $34.49 million.
He noted that agricultural mechanisation presents significant opportunities for collaboration, and Belarus’s expertise in this area can greatly support Pakistan’s efforts to modernise its agriculture sector.
The Joint Working Group on Agriculture can facilitate cooperation in technology exchange, expertise sharing, and best practices, which have become increasingly vital in light of global food security challenges.
“Our countries have a tremendous opportunity to share knowledge, technologies, and best practices to enhance agricultural productivity and sustainability,” he said, adding that Pakistan is eager to explore opportunities for technology transfer and the establishment of joint ventures tailored to local needs in industrial and agricultural sectors.
The minister urged Minsk Tractor, Minsk Automobile Plant, and other engineering companies to establish joint ventures with their Pakistani counterparts, while also exploring small enterprises and entrepreneurial collaborations through the Small and Medium Enterprise Development Authority of Pakistan and the Belarusian Fund for Financial Support for Entrepreneurs.
Kamal invited Belarusian investors to explore the trade and investment opportunities in Pakistan through the SIFC, which serves as a one-stop forum to streamline foreign investment across key sectors. He remarked that with investor-friendly policies, incentives, and a commitment to easing the business process, Pakistan offers a promising environment for Belarusian businesses seeking to expand and collaborate.
Belarusian Minister of Energy Aleksei Kushnarenko addressed the forum, stating that the joint ministerial commission represents a potential game changer for both economies. He expressed commitment to fostering Belarus’s cooperation with Pakistan across all sectors, highlighting the significance of this partnership. He suggested that establishing joint working groups would facilitate deeper collaboration and focused efforts on mutual interests. Kushnarenko commended Pakistan for organising the session of the Joint Ministerial Commission, noting that such initiatives are essential for strengthening bilateral ties.
Copyright Business Recorder, 2024