Pakistan’s ‘Look Africa’ policies to boost trade
PAKISTAN is a country on the rise. According to the latest statistics, the economy of this South Asian country is the 43rd largest in the world, while South Africa comes in at 42. Both countries share a history of colonialism, which makes them ideal partners for possible economic growth.
According to Pakistan’s Minister of Federal Commerce, Naveed Qamar, it takes only 15 days to set up a new business in Pakistan.
Qamar, who spoke to The Star in an exclusive interview on the first day of the 3rd Pakistan-Africa Trade Development Conference taking place at the Sandton Convention Centre until later today, said there are minimal restrictions and barriers to entry for entrepreneurs wishing to begin their journey in one of the fastest-growing Asian economies.
“This makes our ease of doing business one of the best in the world,“Qamar said.
He said Pakistan developed the Look Africa policy as an intentional way to make Pakistan an attractive business and trade destination for the African continent. This policy led to two previous conferences, held in Kenya and Nigeria in 2020 and 2021, he said.
Pakistan is known for its vast textile industry, IT infrastructure, agriculture and pharmaceutical industry. Qamar said a range of opportunities existed for individuals, businesses and political leaders from both countries to engage with one another as well as for regions such as SADC to take advantages of the trade tariffs and other benefits of doing business with Pakistan, made possible through the establishment of the Look Africa trade policies designed to ensure that Pakistan bridges the gap between Africa and Asian markets.
“We decided now that we have all come of age. It is time that we start focusing on collaborating with each other, trading with each other. And so Pakistan came up with the Look Africa policy, and under this policy we intend to introduce Pakistan products in all corners of Africa,” he said.
The Look Africa policy was initiated in 2017 with the aim of doubling trade with African countries by the year 2025.
“We have plans, as the government of Pakistan, to engage Africa as well as South African at both government and private sector levels,“he said.
The minister, who was in the company of Small Business and Enterprise Development Minister Stella NdabeniAbrahams during the media briefing before the event, said he would be happy should South Africa develop stronger relations with Pakistan.
“We know that South Africa, and obviously Africa as a whole, is a strong and resource-rich region, and in the post-colonial era, all of these countries, including Pakistan, are going through economic growth and/or purchasing power is growing and increasing.
“Even though we have been selling our goods and services to African countries, this has not been happening in a big way. For some reason the focus has been on the European market and not the African market. So we decided that now that we have all come of age, it is time that we start focusing on Africa and collaborating with one another.”
According to Qamar, this low level of engagement with Africa, and South Africa in particular, is being corrected through the policy, which seeks to open six commercial areas of co-operation between Pakistan and Africa across six regions from north, south-east, west and central Africa.
“There is huge potential for trade between Africa and Pakistan, but we need to enhance connectivity with Africa. The opportunities exist between ourselves and Africa in both goods and services sectors such as IT, textiles, construction and the medical profession.
“This is the reason it has become important for Pakistan to ensure that trade relations between us and the continent are strengthened.”
When it comes to similarities between South African and Pakistan, Qamar said that, much like South Africa, Pakistan was a culturally diverse country whose tourism sector continued to grow and attract travellers.
“We might have challenges in infrastructure, but Pakistan is slowly becoming one of the biggest tourist destinations in the region. The country is geographically and ethnically diverse, and has a number of historical and cultural heritage sites which have resulted in Condé Nast Traveller ranking Pakistan as the best holiday destination for 2020,” he said.