Deputy Minister for Foreign Affairs of Czech Republic, Ivan Jancarek has said Czech Republic would sign an agreement with Pakistan on trade cooperation and foreign affairs in order to further strengthen economic ties between both the countries.
Speaking at a meeting of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he said volume of bilateral trade was below the potentials and had declined to $150 million from $217 million last year while the volume of Pakistan export to Czech Republic is $92 million and imports from Czech Republic is $57 million which does not reflect the potential of both the countries.
He expressed that Pakistan being saved country with a population of 208 million has a great attraction for foreign investment particularly in the back drop of CPEC.
He said Czech Export Bank can offer its services and cooperation in establishing various joint ventures. He also highlighted cultural and tourism heritage of his country.
FPCCI vice president Tariq Haleem informed about the FPCCI activities particularly in context with the investment policy and Pakistan's export potential. He said Pakistan and Czech Republic enjoy political relations and have common thoughts and views on global economic issues; however the bilateral trade between our two countries does not reflect the true potential and the depth of our relations.
Presently, Pakistan export to Czech Republic mainly consisting bed linen, table toilet and kitchen linen, articles of apparel and clothing, accessories of leather, and other hosiery, knitted or crocheted.
Pakistan is a buyer of Czech Republic, Steam turbine and vapour turbine, uncoated Kraft paper and paperboard, radar apparatus, radio navigation.
The reason behind low bilateral trade between Pakistan and Czech Republic indicates lack of information about each other's economy, trade and investment potential, and low level of interaction between the private sector levels of both countries.
He emphasised on the need of frequent exchange of delegation, participation in trade fairs of both countries as well as holding Joint Business Council Meetings between National Chambers of both countries. Such interaction will contribute in enhancement of bilateral trade and economic relations.
He praised that Czech Republic has a great capability of manufacturing of machineries and Pakistan should make use of their technologies.
Participants of the meeting also discussed visa related issues, operation of direct flights, hotel and motel for tourism and joint venture and academic relationship with universities.
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