LAHORE: Deputy Commercial Attaché, Embassy of Somalia, Abdifitah Abdul Kadir Osman has said that Pakistan and Somalia have very strong historical relations that must be reflected in mutual trade and economic ties.
While talking to the LCCI Vice President Fahim-ur-Rehman Saigal, he called for making visa process easy and business friendly. He invited Pakistani businessmen to step into joint ventures with their counterparts in pharmaceutical and various other sectors.
He said that all sectors of economy in Somalia are open for Pakistani Investors. He said that exchange of trade delegation can help strengthen the mutual trade and economic relations. He said that first-ever made in Pakistan exhibition is planned to be held in Somalia in next year.
Speaking on the occasion, the LCCI Vice President Fahim-ur-Rehman Saigal said that private sector of the two countries should explore ways as to how both Pakistan and Somalia can benefit from each other.
He said that Somalia is a member state of African Union and also part of Organization of Islamic Countries. He said that Lahore Chamber has been advocating this idea that Pakistan must explore African market for enhancing its exports.
Fahim-ur-Rehman Saigal said that bilateral trade between Pakistan and Somalia is following an increasing trend. From 2015 to 2017, the level of bilateral trade has gone up from dollar 31 million to dollar 50 million. He said that the imports from Somalia average around dollar 7 million, however, Pakistan’s exports to Somalia have almost got doubled in three years closing in at dollar 43 million in 2017. Pakistan’s exports to Somalia consist of rice, sugar and pharmaceutical products etc.
“We have the capacity to meet the demands of Somalia for home appliances, electrical items, motorbikes, articles of apparel and plastics etc.”, the LCCI Vice President said and added that Lahore Chamber and Embassy of Somalia should maintain good liaison with each other so that both could work together to find ways of increasing trade and economic relations.
He said that Lahore Chamber of Commerce & Industry is ready to respond any initiative taken by Embassy of Somalia.
