Pak-Spain trade should be enhanced besides exploiting untapped potential

FAISALABAD: Bilateral Trade between Pakistan and Spain is hovering around one billion dollars and concrete steps should be taken to exploit its untapped potential by encouraging frequent exchange of trade delegations and organizing single country exhibitions in each other countries, said Mr. Carlos Morales Ambassador of Spain.

According to a press release, during a meeting with Vice President Faisalabad Chamber of Commerce & Industry (FCCI) Usman Rauf, Chairman Diplomatic Affairs & Foreign Trade Delegation Committee Engineer Sohail Bin Rasheed and Executive Member Jawad Asghar, he told that Pakistani export had recorded a phenomenal increase of 44 percent immediately after the grant of GSP plus stats to Pakistan by European Union (EU) in 2014.

Similarly next year 24 percent increase was documented which reduced to 5 percent during next year, he said and added that during last year 12 percent increase was witnessed.

He said that Pakistan should diversify its export base to further increase its exports particularly in IT (Information Technology) and food sector.

He told that European Countries including Spain have developed their Agriculture sector which has now been declared as an industry.

He said that Pakistan produces a large number of agricultural products, and has potential to develop its agricultural and livestock sector to give a quantum jump to its exports. "However for this purpose efficient food processing is imperative," he added.

Mr. Carlos Morales said that he will visit Faisalabad in the middle of July to personally review the investment opportunities in this city.

He also welcomed a proposal of FCCI to send a trade delegation to Spain and assured to fully facilitate them in addition to arranging their meeting with their Spanish counterparts.

Usman Rauf told that Faisalabad is the third largest city of Pakistan which is second in revenue generation. He said that it has 6000 members within its fold and most of them belong to the textile sector while other sectors are also contributing their due share in the overall economic growth of Pakistan.

Engineer Sohail Bin Rasheed requested the Spanish Ambassador to help Pakistan in Technology Transfer and launching Joint venture in agriculture sector.