LAHORE: Ambassador of Mexico to Pakistan Ulises Canchola has invited the Pakistani entrepreneurs to come forward and explore the huge untapped market of Mexico.
He was talking to the LCCI President Ijaz A. Mumtaz here at the Lahore Chamber of Commerce and Industry. The LCCI Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi also spoke on the occasion.
Mexican Ambassador said that Pakistan is an important country of the South Asia and Mexico wants to further strengthen its trade and economic relation.
He said Mexico and Pakistan have good prospects for improving mutual trade & economic ties therefore businessmen of the both countries should take initiatives for tapping all areas of mutual cooperation.
He said Mexican entrepreneurs are interested to know about Pakistan’s business procedures for setting up new businesses and potential areas of investment in Pakistan.
He said Mexican economy is improving and diversifying. It is good time that Pakistani businessmen should explore Mexico for business opportunities.
He invited the LCCI President to arrange a trade delegation for Mexico to explore trade & investment opportunities.
He assured that he will keep promoting trade relations between Mexico and Pakistan through strong liaison with local Chambers of Commerce.
Speaking on the occasion, the LCCI President Ijaz A. Mumtaz said that Pakistan and Mexico have diplomatic relations since early 70s. He said that both countries have been steady trading partners but bilateral trade relations did not grow in line with the actual potential.
Ijaz A. Mumtaz said that among the overall import and export destinations of Pakistan, Mexico comes at 57th and 37th places respectively.
He said that both countries have to take concrete measure to enhance two-way trade as existing trade volume is not reflecting the cordial relations between the two countries.
In 2014, Pakistan exported goods to Mexico worth US$ 120 million and the value of imports from Mexico in the same year was just US$ 39 million.
In 2013, the total volume of trade was US$ 158 million which just grew to US$ 159 million in following year. It is essential to find ways to increase the existing level of trade.
Ijaz A. Mumtaz said that the current trade patterns reveal that Pakistan exports cotton, man-made staple fibres, articles of apparel & clothing, medical apparatus, sports goods etc. to Mexico.
He said that the imports from Mexico comprise cellulose & its chemical derivatives, tubes/pipes of iron & steel, electro-medical apparatus, electric appliances related to telecommunication and medicament mixtures etc.
Ijaz A. Mumtaz said that that the private sector representatives of both the countries have yet to explore each others’ markets. For that purpose people to people contacts should be developed.
LCCI Senior Vice President Mian Nauman Kabir said that immediate steps are required to introduce our countries in a big way on reciprocal basis. He said that to expand the two way trade and economic collaboration, close co-ordination between trade bodies like chambers of commerce & industry can act as a catalyst for closer interaction.
He said that there are bright prospects for joint ventures between Pakistan & Mexico in the fields like light engineering, food processing, agro-based products, automobiles, auto-parts, home appliances and plastic products etc.
