Trade, investment opportunities: LCCI president urged to arrange visit to Algeria

Exchange of delegations and sector-specific measures are needed to give boost to two-way trade volume between Pakistan and Algeria, which is very low despite the fact that both the countries enjoy excellent political and economic relations.
Algeria's Ambassador to Pakistan, Dr Ahmed Benflis stated this in a meeting at the Lahore Chamber of Commerce and Industry on Friday. Commercial Consular Khiari Bderrahim was also present on the occasion. Dr Ahmed Benflis stated that as many as 25 exhibitions have been planned for the year 2012 in Algeria and it would be a golden opportunity for Pakistani businessmen to make business with their Algerian counterparts. He also urged the LCCI President to arrange a strong delegation to Algeria to explore further opportunities for trade and investment and an Algerian business delegation is also planning to visit Pakistan in coming months.
Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh said that both Pakistan and Algeria are members of OIC and have excellent cordial and brotherly relations. Moreover, Pakistan was among the first countries to recognise Algeria in 1962 upon achieving independence from France. He said that the Ambassador's initiative to visit Lahore Chamber is a step in right direction because Algeria is one of the few Islamic countries, which have very little interaction with business institutions like the LCCI. It is always very helpful to have such interactions to build close working relations with each other.
He said although the total size of two-way trade is too little but in recent years some improvements have been witnessed in it. The total trade between the two countries increased by 47 percent from $29.7 million in 2009 to $43.6 million in 2010. However, in contrast to growth in our exports, there has been downward trend in imports from Algeria, which fell from $14.9 million to $6.2 million in between 2008 and 2010.
Pakistan exports cotton, machinery, manmade staple fibres, cereals, textile articles, articles of leather, travel goods and plastics to Algeria. Whereas mineral fuels, oils, sugars and sugar confectionery, iron and steel, pulp of wood, rawhides and skins, organic chemicals and etc are imported from Algeria. Algeria imports pharmaceuticals, fresh fruits & vegetables, footwear, sports goods and etc in a large amount from abroad. Pakistan has earned a unique place world-wide in these areas and can capture greater share of Algerian markets with some guidance and co-operation.