Zafar Bakhtawri, former President of the Islamabad Chamber of Commerce (ICCI) and senior leader of the FPCCI’s United Business Group (UBG), said the current $4.18 billion annual trade volume between Pakistan and Africa was far below its potential in the region, which could be doubled in the next three years.
Exploring new markets and implementing a trade diversification policy in Africa are vital to expanding annual commerce, he said in a statement.
He remarked this while speaking at the Islamabad Chamber of Commerce and Industry’s ‘Africa Day’ here. Mthuthuzeli Madikiza High Commissioner South Africa, M. Bello Abioye High Commissioner Nigeria, Rashid Ally Soobadar High Commissioner Mauritius, Ali Sheikh Abdullahi Ambassador of Somalia, Shakeel Munir President ICCI, Ali Javed Additional Foreign Secretary The event was also attended by Khalid Iqbal Malik, Chairman of the Founder Group (ICCI), Zafar Bakhtawari, Chairman of the Pakistan Africa Friendship Association, Jamshed Akhter Sheikh (SVP), and Faheem Khan (VP).
Pakistan’s trade with Africa has remained stable at $3 billion per year for the last few years, according to a senior business executive, but has suddenly surpassed the $4 billion level and is now $4.18 billion.
According to him, Pakistan’s low degree of engagement with Africa is the main cause for the poor trade volume.
For Africa and Central Asian Republics, we have implemented the ‘Look Africa’ and ‘Silk Reconnect’ policy initiatives, respectively.
According to him, the World Bank anticipates the majority of African countries to achieve middle-income status by 2025. With a geographical span of 30.37 million square kilometres, 1.3 billion people living in 54 states, and a combined GDP of about $2.33 trillion, he said Africa’s importance is self-evident.