ISLAMABAD: The business community of federal capital has been asked to focus on Africa in bid to enhance economic activities and search new markets as the continent offers immense potential for promoting trade and exports.
This was stated by Ambassador-designate of Pakistan to Nigeria Lt Gen Agha M Umer Farooq (R), while interacting with businessmen at Islamabad Chamber of Commerce and Industry. He said that despite being a high risk country, Nigeria possessed vast scope for Pakistani entrepreneurs to make investment, especially in agriculture, fertilizer, beverages, tractors, motorcycles, rickshaw manufacturing, iron ore and other sectors and export their products to huge market of African region.
He said that Africa was emerging as a future food basket of the world and it was right time that Pakistani investors should explore investment opportunities in agriculture sector of Nigeria. He said Pakistani teachers and doctors have earned great goodwill in Nigeria that should be en-cashed for promoting trade and economic relations. He said Pakistan should establish warehouses in Nigeria and private sector should consider financing such facilities.
He said Nigeria was in the process of privatizing its 11 banks and Pakistani banks should explore possibilities of purchasing banks in Nigeria that will help in improving bilateral trade as well. He assured that he would try to extend all possible facilitation to Pakistani entrepreneurs during their exploration visits to Nigeria.
Speaking at the occasion, ICCI President Muzzamil Hussain Sabri said that Pakistani missions abroad should become more proactive in identifying market potential for Pakistani products on host countries. He said they should do marketing of local products in foreign countries that would help in promoting Pakistani trade and exports with outside world.
He said Pakistani missions abroad should extend maximum support and facilitation to business delegations for exploring business matchmakings in foreign countries. He stressed that Pakistan Embassy in Nigeria should support in organizing single country exhibition of Pakistani products in order to showcase quality of our products and get better penetration in Nigerian market.
The bilateral trade between Nigeria and Pakistan reached $56 million in 2010. Pakistan exported $37million worth of goods to Nigeria, while it imported $19 million worth of goods from the Nigeria.
