Argentina a good destination for Pakistani goods, says Envoy

LAHORE: Pakistan Ambassador to Argentina Dr. Khalid Ejaz said on Monday that strong liaison between chambers of commerce and industry and business institutions of both the countries would definitely enhance mutual trade volume that was at present very low.

“Mutual trade volume between Pakistan and Argentina is around $ 137 million, while India’s trade is around $ 3 billion because of coordination, lobbying and penetration in South America,” the ambassador stated this while talking to businessmen at Lahore Chamber of Commerce and Industry (LCCI).

Lahore Chamber's President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry at the Lahore Chamber of Commerce & Industry. Executive Committee Members Haji Muhammad Asif Sehar, Naeem Hanif, Malik Riaz, Sheikh Sajjad Afzal, Ali Afzal and others were also present.

The Ambassador said, "We have ignored South American market from last five decades while other countries, particularly India, have strong presence there".

He said that Pakistani basmati rice, sports goods, textile products and bed sheets etc. have strong demand in Argentine therefore, Pakistani business community should avail this opportunity. He said that a virtual exhibition is being planned.

He said that strong liaison between the business community of Pakistan and Argentina would be his top priority. He said that Pakistani businessmen should identify new products for trade to ensure good presence in the market of Argentina.

LCCI President Mian Tariq Misbah said that joint ventures, bridging of communication gap, market survey reports and identification of new tradable items were some of the important tools which can take mutual trade between Pakistan and Argentina to the desired level.

The LCCI President said that Pakistan and Argentina are enjoying cordial and diplomatic relations based on mutual respect and understanding but these should be reflected in mutual trade and economic ties as well.

“The total volume of trade between the two countries stood around 140 million dollars in 2019. The balance of trade is in favour of Argentina as our total imports from Argentina are around 108 million dollars while our exports to Argentina are merely 31 million dollars”, the LCCI President added.

Mian Tariq Misbah said that considering the size of the global imports of Argentina which are in excess of 49 billion dollars, some concerted efforts are needed to break the jinx of such a low level of exports.

The average of Pakistan’s exports to Argentina has remained below 50 million dollar during the last 10 years.
He said that Pakistan’s exports to Argentina were heavily concentrated in Textiles. Our major imports from Argentina include soya bean oil, dried vegetables, pharmaceuticals, tubes, pipes and Iron and Steel products.

Pakistani business community needs to explore the Argentina market to be able to expand the range of our products that can be exported to Argentina.

He further stated that there was a considerable potential to enhance our exports of Surgical Instruments, Sports Goods, Processed Food and Automotive Parts to Argentina.

There is also a great potential for both countries to enter into joint ventures in the sectors of agriculture technologies, Pharmaceuticals, Renewable Energy and Tourism.

The LCCI President said that both countries had given MFN status to each other but Pakistan had not succeeded in taking real advantage of it.

The major bottleneck in promotion of trade and economic activities between the two countries was the lack of information about each others markets and business opportunities.

He said that market Intelligence Reports serve as a good tool to know about the potential areas of a country. Commercial section should be given task to prepare some reports to be shared with private sector representatives.

These reports would apprise them about the potential products and the potential trade partners in Argentine market.

The LCCI President called for undertaking frequent activities like exchange of business delegations, participation in trade fairs & exhibitions etc., to ensure a continuous liaison among the business community of both countries.