KARACHI: The bilateral trade volume between Pakistan and Morocco is less than expected and has significant potential for growth, according to Moroccan Ambassador Mohamed Karmoune.
He said the total trade between the two countries could be increased to over $232 million. The ambassador shared these insights while addressing the industrialists during a visit to the Korangi Association of Trade and Industry (KATI).
Ambassador Karmoune highlighted Morocco’s strategic position as a gateway to the Europe with free trade agreements with African countries and the European Union.
He emphasised that Pakistan could significantly benefit from these agreements through increased trade with Morocco.
He also noted that visa issuance for Pakistan has been made easier to facilitate this process. Karmoune pointed out that tourism is a vital sector in Morocco, presenting attractive opportunities for Pakistani investors due to its scenic landscapes and growing international film exposure. He mentioned that Morocco has ten major ports and is witnessing substantial investments in telecommunications, energy, and banking. The ambassador assured that with KATI’s cooperation, bilateral trade delegations would be supported in exploring investment opportunities across various sectors in Morocco.
KATI Vice President Muslim Mohammadi noted that Pakistan and Morocco established bilateral relations in 1958. Despite the low trade volume, he stressed the need to explore new partnership opportunities, particularly in pharmaceuticals, auto spare parts, and tourism.
Mohammadi emphasised the importance of both governments and business communities working together to enhance these relations.
Chairman Standing Committee on Diplomatic Affairs Rashid Siddiqui underscored the necessity of organizing trade delegations and single-country exhibitions between Pakistan and Morocco.
He pointed out the lack of awareness about Moroccan exports in Pakistan and vice versa, stressing the importance of business-to-business meetings to bridge this information gap.
Deputy Patron-in-Chief Zubair Chhaya highlighted Pakistan’s rich natural resources and vast investment opportunities in sectors like tourism, construction, hydro and solar power projects, mines and minerals, and agriculture. He assured that Moroccan investors would receive full support from KATI in capitalizing on these opportunities in Pakistan.
Copyright Business Recorder, 2024
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