ASEAN, SAARC member countries: LCCI chief, foreign secy discuss external trade, scope for trade promotion

LAHORE: President of the Lahore Chamber of Commerce and Industry (LCCI), Mian Nauman Kabir has a detailed meeting with the Foreign Secretary Sohail Mahmood.

The two sides have a comprehensive exchange of views on Pakistan’s external trade, possibilities for the trade promotion with ASEAN and SAARC member countries, active role of the Commercial Attaches posted abroad and the LCCI Ambassadors Dinner.

The Foreign Secretary assured his full cooperation to the LCCI President to arrange meetings with the Commercial Attaches. He said that the foreign office is making all out efforts to consolidate Pakistan’s commercial and economic relations with the international community.

Mian Nauman Kabir said that LCCI should be given representation in all boards and committees of the government so that the point of view and stakes of the business community can be clearly communicated to the policy makers.

The LCCI President said that Pakistan’s strong economic and diplomatic relations with the outer world are the key to ensure a sustainable economy. He added that the country needs to flourish its relations with the ASEAN countries, SAARC member states and African region.

“Pakistan is situated in a geostrategic position in South Asia,” Mian Nauman Kabir said and added that owing to this location, Pakistan can connect to other South Asian countries along with the Central Asian Countries which are landlocked geographically.

The LCCI President said that Pakistan’s current exports to SAARC countries (Afghanistan, Bangladesh, Sri Lanka, Maldives, Nepal, India, Bhutan ) is merely US$2 billion in 2021, less than 10% of our total exports. In the developed economies, regional trade has a major share in the total trade.

Mian Nauman Kabir said that Indonesia fully supports Pakistan to obtain Full Dialogue Partner status with the Association of Southeast Asian Nations (ASEAN) which will provide huge economic opportunities for Pakistan. Pakistan’s current export to ASEAN countries is merely US$1.2 billion while the total imports of ASEAN countries are US$1.6 trillion.

He said that the Trade Attaches posted abroad should be given instructions by the Ministry of Foreign Affairs (MOFA) to facilitate the business bodies, particularly LCCI in activities relating to enhancing bilateral trade. They should also be given export targets and their promotions should be dependent upon meeting the export targets.

Mian Nauman Kabir suggested that there should be better facilitation of business community through a widespread network of trade missions to find new prospective partners/markets for enhancing exports. He said that better Information Sharing about trade opportunities and support for participation in trade fairs/exhibitions, especially for SMEs can help flourish Pakistan’s external trade.

He said that there is a need for greater advocacy by the Ministry of Foreign Affairs for the opening of Banking Channels to enhance Pakistan’s exports to untapped markets like Central Asia, Russia and Africa. He said that there should be greater collaboration between MOFA and business community in promoting a soft image of Pakistan as a dynamic, progressive, moderate, and democratic Islamic country to attract more Foreign Direct Investment (FDI).

The LCCI President said that there is a need for adoption of an Export-Centric Foreign Policy to cope with the steep and multi-dimensional economic challenges confronted by our nation. He said that LCCI is organizing the Annual Ambassadors’ Dinner in August 2022. He invited the Ministry of Foreign Affairs (MOFA) to partner in organizing this Dinner.

Copyright Business Recorder, 2022