ISLAMABAD: Pakistan and African countries at the inaugural ceremony of the Pakistan-Africa Economic Council (PAEC) reaffirmed their resolve to raise bilateral trade to $15 billion by 2030, diversify economic and trade relations, and bring the private sectors, including chambers of commerce from both sides, closer to each other.
The two sides also reiterated their commitment to promoting mutual investment and, through comprehensive and long-term planning, fully exploiting their untapped resources to take bilateral economic and trade relations to new heights.
The inaugural ceremony featured detailed discussions on promoting trade, investment, economic cooperation and business ties between Pakistan and African nations.
Ambassadors, High Commissioners and Consuls General from various African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia, attended the ceremony.
The speakers at the Pakistan-Africa Economic Council inaugural ceremony highlighted key Pakistani sectors, including agriculture, textiles, pharmaceuticals, information technology, minerals and mining, technology, food, education and infrastructure, that offer significant trade and investment potential in Africa, emphasizing that both regions should leverage their large populations, resources and expansive markets.
PAEC launched to unlock potential, raise Pak-Africa trade to $15 billion by 2030
Federal Minister for Defence Production Muhammad Raza Hayat Hiraj congratulated the organizers on the establishment of PAEC and said that the forum would play a great role in enhancing economic and trade ties between African countries and Pakistan, describing it as a milestone in the economic history of both sides.
The Minister said that Africa’s population of 1.5 billion represented huge potential for Pakistan and that the private sector’s role was significant in increasing economic and trade ties.
Governor Khyber Pakhtunkhwa Faisal Karim Kundi also paid tribute to the initiative and said that under the leadership of Ambassador Hamid Asgher Khan, the forum would work to strengthen economic and trade relations between Pakistan and the African region.
He said that Africa had a great future, adding that a rising Africa and an emerging Pakistan had huge potential for growth.
Addressing the Pakistan-Africa Economic Council (PAEC) Conclave here, Patron-in-Chief of PAEC Ambassador (Retd) Hamid Asgher Khan said that Africa was a “slumbering giant” that was awakening and would play a huge role in the global geo-economy, while economic and trade connectivity with Pakistan and other potential economies could further strengthen the relationship.
Hamid Asgher Khan said that bilateral trade between the African region and Pakistan was far below its true potential and there was a huge need to increase bilateral trade to $15 billion in the coming years to exploit its true potential.
He said that he had served for seven years in the African region and, after retiring from the Foreign Service, had started a new innings to connect the African region with Pakistan, which had huge economic and trade potential. He said PAEC would play the role of a catalyst in enhancing Africa-Pakistan economic ties.
