Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Nepal Embassy have agreed on taking new initiatives to promote bilateral trade and exploit the trade potential of both countries.
Pakistan and Nepal mutual trade does not reflect the warmth and depth of relationship between both the Saarc member countries, noted FPCCI President Tanvir Ahmed Shaikh and the Ambassador of Nepal who visited Federation House here on Thursday, according to FPCCI release.
The FPCCI President, in his welcome address, mentioned that trade relations of Pakistan with Nepal were not very strong and were growing at a snail's pace. The volume of trade between Pakistan and Nepal is dollars 4.8 million. Pakistan's total exports to Nepal are 1.631 million dollars and imports from Nepal are of 3.166 million dollars. Pakistan mainly imports tea.
Tanvir pointed out that market size of Nepal was small as compared to other Saarc countries but still there was great potential for Pakistani textile, clothes and sports goods. Nepal is a beautiful country from tourism point of view. Pakistan delegation is expected to visit Nepal in July.
He also invited the Ambassador to send a delegation to ECO exhibition being held in July at Karachi. The Ambassador of Nepal showed his concern over the trade deficit in trading with India. Nepal has borders with India on its three sides, which is the main reason of more trade with India.
He pointed out that although Nepal had meagre trade but his visit to FPCCI would lead to open new avenues of trade. Nepal considers Pakistan a trusted friend. Pakistan can invest in oilseed processing and oil extraction plants projects. Pakistan as compared to Nepal is more developed and Nepalese businessmen can benefit from Pakistan businessmen's experience. Being least developed country there is comparative advantage in investing in Nepal.
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