LAHORE ( WNAM REPORT ): Punjab Minister for Industries and Commerce Chaudhry Shafay Hussain said on Sunday that Pakistan must bridge the trade gap with African countries as it was time to enhance trade volume.
He was addressing as chief guest at a reception held in honour of ministers and business community representatives from African countries here at Pakistan State Guest House. The event was jointly organised by Africa House Pakistan and the Ministry of Foreign Affairs. The reception was also attended by Chairman Africa House Muhammad Rehan Younus, Ambassador Hamid Asghar Khan, Uganda’s Minister of Agriculture Frederick, and business communities from African countries and Pakistan. The participants also cut a cake to mark the Pakistan-Africa friendship.
Chaudhry Shafay Hussain said that existing investment and trade gap between Pakistan and African countries must be bridged, and the time had come to enhance the trade volume. He stated that foreign investors were given special incentives in Punjab’s Special Economic Zones, and the Punjab welcomes investment from African countries. He added that on the direction of Punjab chief minister, a Garment City is being established to boost the textile sector. Besides local investors, Chinese and other foreign investors are setting up textile industries there. Pakistan and African nations could collaborate in the textile sector. He also shared that a Pharmaceutical Valley is being developed on 130 acres in Quaid-i-Azam Business Park, Sheikhupura.
There is a great potential for investment in textiles, pharmaceuticals, surgical goods, sports goods, and other sector of Punjab. Pakistan and Punjab are rich in mineral resources, and African countries possess expertise in the mining sector. Pakistan can benefit from their expertise, he noted.
Ch Shafay said that Punjab’s conducive environment is attracting foreign investment. A Chinese mobile company has begun establishing a mobile phone manufacturing plant in Faisalabad’s Industrial Estate, which will begin production within two years. Foreign companies producing solar panels and lithium batteries also plan to set up factories in
Uganda’s Minister of Agriculture Frederick shared insights on investment opportunities in Uganda.
Chairman of Africa House Rehan Younus remarked that Africa House served as a gateway for Pakistani industry to the African market.
Ambassador Hamid Asghar Khan said that efforts were under way to increase trade volume between Pakistan and African countries.
Secretary TDAP Shehryar Khan, President of Lahore Chamber of Commerce and Industry Abuzar Shad and others also addressed the gathering.
