LAHORE: In a bid to foster stronger economic ties between Pakistan and South Africa, High Commissioner Mthuthuzeli Madikiza made his third visit to the Lahore Chamber of Commerce and Industry on Monday.
During his address, Madikiza underscored the need for collaborative efforts to address challenges faced by the business community and enhance trade cooperation.
Addressing a gathering that included LCCI President Kashif Anwar, Honorary Consul General of South Africa Syed Shahid Ali, LCCI Senior Vice President Zafar Mahmood Ch and Executive Committee Members, Madikiza highlighted the importance of understanding the unique opportunities and complexities that Africa presents for trade and investment.
He commended the presence of an Africa desk at LCCI and acknowledged the commendable initiative of the Government of Pakistan, Look Africa, aimed at bolstering economic relations with the continent.
Madikiza acknowledged the decline in trade between the two countries during the Covid-19 pandemic and emphasized the need for diversification and expansion of trade beyond coal, urging stakeholders to analyze the progress made and work towards increasing trade volumes.
President LCCI Kashif Anwar echoed Madikiza’s sentiments, expressing optimism that the meeting would pave the way for stronger bilateral economic relations.
He emphasized the significance of South Africa in the African continent, with its impressive GDP of over $400 billion and diverse economy, and highlighted the mutual benefits that closer cooperation could bring.
He said participation in trade fairs, exhibitions and exchange of trade delegations play a fundamental role in boosting two-way trade.
He informed the High Commissioner that the Lahore Chamber of Commerce and Industry has established a State of the Art Alternate Dispute Resolution Center to settle the business disputes.
Kashif Anwar noted that while Pakistan and South Africa share cordial relations, the trade balance has been skewed in favour of South Africa.
He cited figures from the State Bank of Pakistan, revealing a decline in bilateral trade from $1.7 billion in 2021-22 to $626 million in 2022-23, primarily due to reduced imports from South Africa.
The LCCI President emphasized the potential for collaboration across various sectors, including agriculture, textiles, manufacturing, and technology.
He also stressed the need for Pakistan to tap into South Africa’s pharmaceutical market, which imported $2.5 billion worth of products in 2022, mainly from India, Germany, France, and the US.
Copyright Business Recorder, 2023
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