KARACHI: Ambassador of Luxembourg stationed in Beijing, China, Paul Steinmetz has advised the Karachi Chamber of Commerce and Industry (KCCI) to sign a Memorandum of Understanding (MoU) with Luxembourg Chamber of Commerce and Industry with a view to improve interaction, exchange information and bring the business communities closer.
Exchanging views with President KCCI, Iftikhar Ahmed Vohra during a meeting at KCCI which was also attended by Vice-President KCCI Agha Shahab Ahmed Khan and KCCI Managing Committee members, Luxembourger Ambassador underscored the need to exchange trade delegations between the two countries in order to explore possibilities of enhancing trade and look for investment opportunities in different sectors of the economy.
Paul Steinmetz also stressed the need to make efforts by regularly organizing visits of trade missions in order to get the interest of business people from Luxembourg towards trade and investment opportunities in Pakistan. “We must work together and identify those sectors which are mutually beneficial for both the countries”, he added.
He said that the business communities of both countries can collaborate in different areas including steel, banking, logistics, green technology, research and technology transfer.
Trade Commissioner Pakistan & Afghanistan, Embassy of Belgium, Abid M. Hussain, who was also present at the meeting, informed that a high-powered trade delegation was scheduled to visit Pakistan in the month of October 2015. He advised the Luxembourger Ambassador that if he plans to bring Luxembourger trade delegation to Pakistan, they can opt to join the scheduled delegation from Belgium which will be arriving here in October this year.
Earlier, President KCCI, Iftikhar Ahmed Vohra, in his welcome remarks, said that KCCI was keen to improve interaction and develop sound relations with Luxembourg Chamber by signing a MoU. “We want to strengthen trade ties and explore new bilateral trade prospects with Luxembourger businessmen and industrialists”, he added.
He stressed that Pakistan and Luxembourg must look for joint ventures energy, education, training, infrastructural development, scientific research, and technology transfer.
He noted that Pakistan and Luxembourg share healthy bilateral trade relations which are increasing with every passing year.
President KCCI noted that goods import by Pakistan from Luxembourg recorded an increase of 42 percent in Fiscal Year 2014 to $ 82.53 million as compared to $58.05 million in Fiscal Year 2013. However, during Fiscal Year 2014, Pakistan exported goods to Luxembourg of merely $0.81 million as against exports of $1.24 million in Fiscal Year 2013, indicating a decline of 34 percent.
He said that good potential to enhance trade exists and the trade volume can be raised to more than $1 billion by exchanging commodities of interest between the two countries.
President KCCI stated that there was a need to increase interaction of business communities on both sides for which frequent visits of various trade delegations between Pakistan and Luxembourg must be arranged so that trade linkages among industries are developed and strengthened.
