Pakistan aims to double trade volume with Africa in five years, says Dawood

• The GDP of Africa may go up to as high as $29tn in the years to come, says Advisor to PM on Commerce Abdul Razak Dawood.
•  The trade between Pakistan and African countries stands at $3bn, that would cross over $4bn, he said.

Advisor to Prime Minister on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood has said that the “Look Africa Policy Initiative” has the potential to double Pakistan’s trade volume with the continent in the next 5 years.

“The potential of this continent is remarkable, with staggering figures that the GDP from $2.4 trillion may go up to as high as $29tn in the years to come. We can’t afford to miss this great opportunity, and now we have to reach out,” said Dawood in his address.

The trade between Pakistan and African countries stands at $3bn, informed the advisor, who was optimistic that the trade volume would cross over $4bn very shortly.

The advisor said that under the “Look Africa Policy Initiative” the Ministry of Commerce is opening up six new commercial counselors in Africa, in six more countries. “We are now looking at as how we get into Africa through bilateral and multilateral trade agreements,” he said.

The advisor informed that the Ministry of Commerce is also establishing Africa cell in TDAP.

Under the ambit of the “Look Africa Policy Initiative” the Ministry of Commerce has planned a trade conference in Nairobi on 30-31 Jan 2020, a first initiative of its kind. It will bring stakeholders from both sides to explore trade enhancement opportunities.

Meanwhile, the Auto Industry Development Committee is to meet with Dawood on Friday (tomorrow) to discuss National Electric Vehicle Policy and Automotive Industry Development and Export Plan.