There’s need for innovative strategies to enhance trade with Switzerland: LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) have emphasized the need for innovative strategies to enhance trade with Switzerland, which is currently below potential. This sentiment was shared during a meeting with Ambassador of Pakistan to Switzerland, Marghoob Saleem Butt.

Senior Vice President of LCCI, Engineer Khalid Usman, and Vice President Shahid Nazir Chaudhry expressed their concerns regarding the existing trade volume, which they believe does not reflect the depth of diplomatic ties established between the two nations since 1949.

They noted Switzerland’s significant role in Europe, highlighted by its stable economy, advanced banking and financial systems, and cutting-edge manufacturing technologies. The country is also recognized as a premier tourist destination, celebrated for its stunning landscapes and rich cultural heritage.

Engineer Khalid Usman pointed out that, despite strong diplomatic relations, the trade figures are disappointing. “In 2023-24, bilateral trade amounted to $192 million; Pakistan exported goods worth $189 million to Switzerland while imports were just $3.3 million.

Although the trade balance favours Pakistan, we must increase this volume to at least $1 billion to make a meaningful impact on our overall trade deficit,“ he stated.

Usman called for unconventional solutions to enhance bilateral trade and boost economic cooperation. “Traditional methods will not suffice. We need creative strategies, improved market intelligence, and stronger private sector partnerships to realize the full potential of our trade relations,” he stressed.

He highlighted Switzerland’s impressive $366 billion annual import market in 2023, which includes high-demand products such as jewelry ($9.4 billion), apparel ($8 billion), furniture ($5 billion), surgical instruments ($3 billion), and footwear ($2.4 billion).

Usman advocated for Pakistani businesses to take advantage of these market opportunities and sought the Ambassador’s support in leveraging the Embassy’s Commercial Section for this purpose.

Additionally, Usman discussed Switzerland’s enthusiasm for sports, particularly football, noting the national team’s success in international competitions. He pointed out that Pakistan, especially Sialkot, is renowned for producing world-class sports goods, presenting a promising opportunity to increase exports to Switzerland.

Vice President Shahid Nazir Chaudhry underscored the importance of hosting trade fairs and delegations to strengthen business relationships. He encouraged the Ambassador to attract Swiss investors to explore the growing investment opportunities in Pakistan.

“With the establishment of the Special Investment Facilitation Council (SIFC), Pakistan is dedicated to creating a business-friendly environment and providing comprehensive support for international investors. The LCCI stands ready to assist foreign investors,” he remarked.

In response, Ambassador Marghoob Saleem Butt praised the LCCI’s efforts in bolstering economic ties and assured full support from the Embassy. “There is a considerable demand for Pakistani products in Switzerland, and we are committed to facilitating B2B connections and creating more trade opportunities between our countries,” he concluded.

Copyright Business Recorder, 2025