LAHORE: An innovative strategy is a must to boost trade with Switzerland which is not up to the mark.
Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry stated this while talking to the Ambassador of Pakistan to Switzerland Marghoob Saleem Butt here.
Executive Committee Members Aamna Randhawa, Karamat Ali Awan and Standing Committee Convener Imran Asghar were also present.
Engineer Khalid Usman said that there are strong diplomatic ties between Pakistan and Switzerland which date back to 1949. He underlined Switzerland’s prominent role in Europe, citing its stable economy, advanced banking, financial systems and cutting-edge manufacturing technologies. He said that Switzerland has global standing as a premier tourist destination, renowned for its breathtaking landscapes and distinct cultural heritage.
He said, “Despite our strong diplomatic relations, the current trade volume does not reflect the potential of our economic partnership.”
Khalid Usman said, “In 2023-24, bilateral trade stood at USD $ 192 million, with Pakistan exporting US $ 189 million worth of goods to Switzerland, while imports totaled just US $ 3.3 million. The trade balance is in Pakistan’s favor, but we need to raise this volume to at least US $ one billion to contribute significantly to reducing the country’s overall trade deficit.”
Engineer Khalid Usman called for out-of-the-box solutions to increase bilateral trade and foster economic cooperation. “Traditional approaches will not sufficient. We need innovative strategies, greater market intelligence and stronger partnerships between private sectors to unlock the true potential of our trade relations,” he stressed.
He pointed out Switzerland’s massive $366 billion annual import market in 2023, which includes items like jewelry (US $ 9.4 billion), apparel (US $ 8 billion), furniture (US $ 5 billion), surgical instruments (US $ 3 billion) and footwear (US $ 2.4 billion).Pakistani cuisine recipes
He emphasized that Pakistan can provide these high-demand products at competitive prices and requested the Ambassador’s support in identifying and tapping these market opportunities through the Embassy’s Commercial Section.
Discussing Switzerland’s passion for sports, particularly football, Khalid Usman noted that Switzerland’s national team has achieved considerable success, including reaching the quarter-finals of EURO 2020 and EURO 2024. “Pakistan, especially Sialkot, is renowned for manufacturing world-class sports goods. This sector presents an excellent opportunity to expand our exports to Switzerland,” he said.
Vice President Shahid Nazir Chaudhry emphasized the importance of hosting trade fairs and delegations to foster business connections. He also urged the Ambassador to encourage Swiss investors to explore Pakistan’s emerging investment opportunities. “With the establishment of the Special Investment Facilitation Council (SIFC), Pakistan is committed to offering a business-friendly environment and comprehensive support for international investors. LCCI is ready to assist in guiding foreign investors,” he remarked.
Ambassador Marghoob Saleem Butt commended LCCI’s efforts to strengthen economic relations and assured full support from the Embassy. “There is significant demand for Pakistani products in Switzerland. We will assist in facilitating B2B linkages and creating more opportunities for trade between the two countries,” he said.
