Lahore, December 31, 2013 (PPI-OT): Pakistani Textiles, textile made-ups, Pharmaceuticals, Rice, Fruits, surgical goods, sports goods have a huge potential in South Africa therefore Pakistani businessmen should avail opportunities in these areas.
This was stated by High Commissioner-designate to South Africa Najm us Saqib while speaking at the Lahore Chamber of Commerce and Industry on Thursday. LCCI Vice President Kashif Anwar presented Address of Welcome while former LCCI President Mian Muzaffar Ali, Executive Committee Members Mian Zahid Javaid, Khawaja Khawar Rashid, former Vice President Saeeda Nazar also spoke on the occasion.
Ambassador-designate said that both Pakistan and South Africa have very strong credentials to give new strengthens to their respective economies but lack of information about each other’s potentials is coming in the way and there is a need to bridge this gap.
The Ambassador said that the Health and handicrafts sectors also have bright prospects for cooperation between the two countries. The High Commissioner, who spent well over an hour at the Lahore Chamber of Commerce and Industry, said that the Pakistan High Commission in South Africa would extend every possible cooperation for single country exhibition and for exchange of business delegations.
Speaking on the occasion, the LCCI Vice President Kashif Anwar stressed the need for further strengthening of Chamber-High Commission liaison. He said that Pakistani businesses were specifically eyeing the prospects of transfer of technology. Likewise, opportunities exist in cooperation between the various other sectors in Pakistan in the form of joint ventures.
The LCCI Vice President also called for devising ways to update the information crucial for trade and investment. He said that Pakistan and South Africa bilateral relations witnessed accelerated growth of bilateral relations.
He said that Pakistani business community regards bolstering economic ties with South African economy on a long-term basis as an important step. For that matter, there have also been exchanges of business delegations in the past. Pakistan and South Africa need to further develop bilateral trade which ranges between $ 600-650 million as presently it is far below to our trade potential. He said that there was a need to identify the reasons behind low level of trade and also work on ways to improve economic relations, trade and investment.
Pakistan’s exports to South Africa include cements, bed and table linens, woven fabric of synthetic staple and cotton fabrics, leather and leather garments and electro medical apparatus etc.
The imports from South Africa comprise coal, ferrous waste and scrap, flat rolled products of iron, aviation related goods, synthetic tanning substances, unwrought aluminum and food preparations etc.
Though the trade balance favours South Africa but we are keen to explore and address the bottlenecks which are causing such constraints to trade promotion. Your commercial section can help us to a great extent in this regard.
According to ITC Trade Data base for the year 2012 only 1.1% of Pakistan’s exports make their way to South Africa. While in total imports of Pakistan, South Africa’s share is just 0.7%. These figures further signify that there is a lot of room to multiply the trade figures.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854