ISLAMABAD – Belgium Ambassador Frederic Verheyden has said that his embassy is mulling over the prospects to bring a trade mission to Pakistan for exploring new avenues of promoting business relations between Pakistan and Belgium.
He visited Islamabad Chamber of Commerce and Industry along with Trade Commissioner Abid M Husain and Trade & Commercial Officer Shaukat Nawaz Niazi. The ambassador said that textiles products accounted for 75 per cent of Pakistan’s exports to Belgium and stressed that Pakistan should think beyond traditional products to improve trade with Belgium.
He said many Pakistani products including pharmaceuticals, surgical equipment, leather and fruits have the potential to find good market in Belgium and private sector of Pakistan should accelerate its efforts to expand horizon of cooperation with Belgium.
He said Belgium was cooperating with Pakistan in energy sector which was a major constraint for its economic growth and stressed that Pakistan should focus on controlling its transmission and distribution losses to improve energy situation.
He said with good moves of the government, Pakistan’s outlook was changing towards positive; however, it has to create a promising environment by addressing energy, security and other issues to attract Belgium investors for JVs and investment.
He said China Pakistan Economic Corridor (CPEC) was a game changer for Pakistan and it was also a big challenge for it in terms of its capacity to absorb huge Chinese investment. He said GSP + was not a free lunch for Pakistan as it has to honour its commitments on international conventions. He assured his full cooperation to the Chamber for strengthening the existing business relations between the two countries.
In his welcome address, Islamabad Chamber of Commerce and Industry President Atif Ikram Sheikh said that Belgium was the 5th largest trading partner of Pakistan within EU, but the bilateral trade of around $882 million was insufficient keeping in view the available potential of the two countries.
He said both countries should fully cooperate with private sectors for taking volume of two-way trade up to the desired level of $2 billion. He said Belgium should cooperate with Pakistan in improving value chain.
He said Pakistan was an agricultural country and Belgium should help it in replacing its flood irrigation system to drip irrigation system to save water for future generations.
