African region contains immense potential for trade, investment: Razak Dawood

ISLAMABAD: Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Saturday said that African region has immense potential for trade and investment including engineering and pharmaceutical products.

He expressed these views while holding a consultative meeting with the officials of the Trade Development Authority of Pakistan (TDAP) on the trade promotion measures being taken under the Ministry of Commerce (MOC)’s Look Africa Policy initiative, launched in 2017.

He visited the headquarters of the Trade Development Authority of Pakistan (TDAP) head office, said a press release issued by Ministry of Commerce here.

He advised the TDAP to strive even harder to promote exports of Pakistan in new geographies like Africa so that the geographic basket of markets for Pakistan should be diversified.

Razak Dawood was of the view that although the numbers are small but the products and direction are in a right direction.

He appreciated the role played by TDAP in export promotion and appreciated the fact that despite the logistical difficulties created by the coronavirus pandemic, the TDAP has been able to successfully participate in the Sudan Trade Fair.

Being the marketing arm of the Ministry of Commerce, he said the role of TDAP in implementation of the Look Africa Policy initiative of the Ministry of Commerce was crucial.

The Advisor was also briefed on “Look Africa Policy” launched by the ministry of commerce.

During the meeting, he was informed that TDAP participated in the International Trade Fair at Khartoum, Sudan from January 21- 28, 2021.

This participation has opened up new avenues for trade and economic cooperation between Pakistan and Sudan, he briefed.

He was informed that the event generated business of around $ 2 million as agriculture machinery, pharmaceutical, glass Industry and fruit industry received big orders.

He was further informed that deals worth $ 3 million are under process and shall very soon be matured between the Pakistani exporters and Sudanese buyers.

New exporters from PVC, Corona-related Personal Protection Equipment (PPEs) and beauty products also received very encouraging responses.

He was briefed that the TDAP arranged extensive Business to Business and networking sessions between Pakistani and Sudanese businessmen during the event.

In addition, representatives of Pakistani companies visited local markets and superstores for networking and business linkages.

TDAP and the Embassy of Pakistan facilitated local visits and meetings for the Pakistani companies.

He informed that about half a dozen companies from Pakistan were able to select new distributors and partners for registration of products and their local distribution in the Sudanese market.

A business forum was also held on 25th January where the Sudanese Businessmen and Employers’ Federation invited Pakistani companies to give a detailed briefing on export potential of Pakistan to the audience.

Salient features of the Look Africa Policy of the Ministry of commerce were explained and the forum was apprised that Pakistan has great potential to cater to import needs of Sudan and it is looking for economic and trade relations with all regions of Africa including Sudan, which shares a common bond of faith and friendship with Pakistan.

He was informed that TDAP also arranged a networking dinner for Pakistani companies and leading Sudanese business houses and government officials.