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Bangladesh and Pakistan Forge New Business Ties with Joint Council

Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) announced that a Pakistani trade delegation, led by its President, Mr. Atif Ikram Sheikh, actively participated in the Bangladesh – Pakistan Business Forum held in Dhaka. A significant outcome of the forum was the signing of a Memorandum of Understanding (MoU) between FPCCI and the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) to establish the Pakistan – Bangladesh Joint Business Council, aimed at facilitating and enhancing trade relations between the two nations.

According to a statement by Federation of Pakistan Chambers of Commerce and Industry, the business forum featured numerous industries, including electronics, cars, industrial machinery, and textiles. The focus was on creating partnerships and identifying opportunities across various sectors.

Mr. Muhammad Hafizur Rahman of FBCCI highlighted the potential for collaboration through regional platforms like the South Asian Association for Regional Cooperation (SAARC) and the Organization of Islamic Cooperation (OIC). He emphasized opportunities in energy, education, technology, and innovation, which are crucial to addressing the challenges presented by the fourth industrial revolution.

In conjunction with the forum, the Pakistani delegation engaged in discussions with Bangladesh’s Commerce Advisor, Sheikh Bashiruddin, who voiced support for easing trade restrictions. Both countries have relaxed visa requirements to encourage trade and business exchanges.

The Pakistani delegation also held meetings with the Bangladesh Investment Development Authority (BIDA) and FBCCI to discuss trade promotion activities and potential collaborations. Initial trade agreements were struck, including an order for 25,000 metric tonnes of sugar and significant raw fabric demand from Bangladesh.

Mr. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, remarked on the importance of economic diplomacy for achieving substantial trade milestones. He underscored the role of interdependencies in fostering regional prosperity. The delegation plans to visit the Dhaka International Trade Fair to explore further cooperation avenues and study emerging industry trends.

The post Bangladesh and Pakistan Forge New Business Ties with Joint Council appeared first on Pakistan Business News.

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