The ambassador of Belgium, Frederick Verheyden, has said that Karachi is an important city which offers ample opportunities to Belgian investors who are keen to enhance trade and investment in this region.
Speaking at the inauguration of the Belgian Companies' Catalogue Exhibition at the Karachi Chamber of Commerce and Industry (KCCI), he underscored the need to identify more areas for cooperation and also introduce more tradable items to enhance mutual trade volumes.
He said that Belgian companies can assist Pakistani business and industrial community in numerous sectors of the economy, particularly the food processing and pharmaceutical sectors in which Pakistan can benefit from Belgian expertise.
The ambassador added that some Belgian companies were successfully doing business in Pakistan, of which a Belgian pharmaceutical company notable. Plenty of opportunities are also available in other sectors for Belgian businessmen and investors particularly in Karachi, he added.
Frederick Verheyden further said that Pakistan-Belgium trade and economic ties have been gradually improving and are likely to exceed further in future.
Commenting on the Belgian Companies Catalogue Exhibition, which displayed more than 100 catalogues of industrial equipment, alternative energy, solar energy, chemicals, food stuff and agriculture sectors, the envoy said that this was the best way to introduce the diverse Belgian businesses as they don't need to come all the way to Pakistan to introduce their products and services. "It is encouraging to see that this exhibition has triggered a lot of attention at KCCI," said Frederick Verheyden.
To a query regarding Pakistan's business climate and government policies, the Belgian ambassador said that the Pakistani government was working hard to deal with corruption and has also been taking steps for ease doing of business. "I hope this continues as it will improve the business climate here," he added.
The president of the KCCI, Shamim Ahmed Firpo, said that Karachi, being the economic and financial hub of Pakistan, offers profitable investment opportunities and added facilities for investment and joint ventures to the business and industrial community of Belgium.
The KCCI is keen to strengthen trade ties and explore new bilateral trade prospects with Belgium, he said. "We believe Pakistan's improved relations and enhanced trade with the business and industrial community of Belgium would surely help in dealing with the economic crisis and ensure prosperity for both the countries."
Commenting on the existing trade ties between Pakistan and Belgium, Shamim Firpo said the two countries have been enjoying cordial and healthy bilateral relations and it was really heartening that Pakistan and Belgium have agreed to boost bilateral trade and investment relations.
"During Fiscal Year 2016, Pakistan exported goods worth $359 million whereas the imports from Belgium amounted to $237 million. Although the trade balance is in favour of Pakistan, it has descended which needs special attention and a more aggressive strategy from both sides", he added.
He also underscored the need to intensify trade and investment promotional activities, not only in Pakistan but also in Belgium. There is need to reinvigorate the mechanism of joint commission and encourage close contacts between the private sectors.
The senior vice president of the KCCI, Asif Nisar, KCCI vice president Muhammad Younus Soomro, trade commissioner of the Belgian embassy Abid Husain and KCCI managing committee members were also present on the occasion.