Pak-Spain bi­lat­eral trade to reach $ 1b this year: Span­ish En­voy

The Pak Banker - - NATIONAL -

Am­bas­sador of Spain to Pak­istan, Car­los Mo­rales has said that the bi­lat­eral trade be­tween Pak­istan and Spain was on rise and the two-way trade was ex­pected to reach US$ 1 bil­lion mark dur­ing this year. The bi­lat­eral trade be­tween two was on the rise es­pe­cially af­ter the grant of EU's GSP Plus sta­tus to Pak­istan, as it im­proved 43% dur­ing 2014 and 25% dur­ing 2015%.

How­ever, he said there was lot more po­ten­tial to en­hance it for which ev­ery Pak­istani has to play role for im­age build­ing of the coun­try. Dur­ing a re­cent in­ter­ac­tion with busi­ness com­mu­nity at Is­lam­abad Cham­ber of Com­merce and In­dus­try, he said both coun­tries should fo­cus on di­ver­si­fi­ca­tion to im­prove trade and iden­ti­fied IT as an­other po­ten­tial area of mu­tual co­op­er­a­tion.

He said ICCI should take a sec­tor-spe­cific busi­ness del­e­ga­tion to Spain and as­sured that his Em­bassy would co­op­er­ate to make its visit suc­cess­ful. The Am­bas­sador said that Spain was the sev­enth largest trad­ing part­ner of Pak­istan in the Euro­pean Union and it wanted to fur­ther en­hance trade with it as both coun­tries have good po­ten­tial to im­prove bi­lat­eral trade and eco­nomic

re­la­tions. He said Pak­istan has all the pos­i­tive things in­clud­ing young pop­u­la­tion, big con­sumers mar­ket and nat­u­ral re­sources to at­tract for­eign in­vestors but bi­ased and wrong per­cep­tion of the coun­try in out­side world was the ma­jor hur­dle in re­al­iz­ing its full eco­nomic po­ten­tial.

The Am­bas­sador said about 500 Span­ish com­pa­nies were do­ing busi­ness in UAE and many were tak­ing in­ter­est in Iran and In­dia. How­ever, he said Pak­istani busi­ness com­mu­nity should reach out to the out­side world to show the po­ten­tial of their prod­ucts that would help in at­tract­ing more in­vest­ment and pro­mot­ing trade. He said that $ 46 bil­lion China-Pak­istan Eco­nomic Cor­ri­dor was a highly pos­i­tive de­vel­op­ment as it has gen­er­ated lot of in­ter­est in for­eign in­vestors to look at Pak­istan with more in­ter­est.

Pres­i­dent, Is­lam­abad Cham­ber of Com­merce and In­dus­try ( ICCI), Atif Ikram Sheikh said that Pak­istan and Spain en­joyed cor­dial re­la­tions since 1951, but the ded­i­cated ef­forts were re­quired from both sides to fur­ther im­prove two-way trade.

He said Pak­istan's ma­jor ex­ports to Spain in­cluded some tex­tiles prod­ucts while Pak­istan's ma­jor im­ports from Spain in­cluded all sorts of ma­chin­ery & parts, chem­i­cal ma­te­ri­als & prod­ucts, iron and steel etc. which showed that bi­lat­eral trade was con­fined to few items and stressed for fo­cus­ing on ar­eas to fur­ther pro­mote bi­lat­eral trade.

He said Pak­istan's leather prod­ucts, sur­gi­cal in­stru­ments, sports goods, fruits and many other prod­ucts could pro­vide good value for money to Span­ish cus­tomers. Sim­i­larly, Spain could ex­ports its qual­ity ma­chin­ery and lat­est tech­nol­ogy to Pak­istan in many ar­eas.

He said Spain was strong in tourism and it could help Pak­istan in fur­ther de­vel­op­ing its tourism in­dus­try. He said fre­quent ex­change of trade del­e­ga­tions and or­ga­niz­ing sin­gle coun­try ex­hi­bi­tions should be en­cour­aged to pro­mote trade and eco­nomic re­la­tions up to real po­ten­tial.

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