ISLAMABAD ( WNAM REPORT ):Current trade volumes between Pakistan and Kazakhstan are far below the potential of two nations and a target of $ 1 billion in bilateral trade has been set, said Ambassador of Kazakhstan to Pakistan Mr. Yerzhan Kistafin.
Addressing the business community at Faisalabad Chamber of Commerce & Industry (FCCI), he urged the business communities of both countries to pay their active role in enhancing bilateral trade volumes for achieving the ambitious goal.
He said that four Pakistani banks have already established trade mechanisms with Kazakhstan and logistics services through TCS and NLC are operational with daily cargo deliveries. Highlighting Kazakhstan as the only Central Asian country with an e-commerce cooperation agreement with Pakistan, the ambassador urged the local entrepreneurs to utilize this advantage.
He also lauded the quality of Pakistani textile products and requested FCCI President Rehan Naseem Bharara to arrange a trade delegation to Kazakhstan to explore new business avenues and enhance cooperation. Kazakhstan would issue business visas to Pakistani entrepreneurs on FCCI recommendation, he added.
He said that Kazakhstan is the largest economy in Central Asian region and a founding member of the Eurasian Economic Union. This country is also establishing modern export processing zones to attract foreign investment and several trade agreements between the two countries are under review at the governmental level, he said, adding that upcoming visit of Kazakhstan’s President to Pakistan is expected to yield major decisions for strengthening bilateral ties.
He further proposed that Karachi and Almaty be considered twin cities due to their financial significance whereas Shymkent and Faisalabad could be declared twin cities on the basis of their textile strength. He encouraged local industrialists to invest in Kazakhstan where electricity and gas are significantly cheaper which would alternatively provide an opportunity to export quality products to the neighboring countries.
Earlier, FCCI President Rehan Naseem Bharara welcomed the ambassador and highlighted untapped potential for trade and tourism between the two nations. He said that visa issuance is often a major hurdle for business travel but he praised the Kazakh Embassy for approving visas based on FCCI’s recommendation.
He said that exports of textile products from Faisalabad to Kazakhstan remain minimal and require strategic enhancement. He assured to facilitate business communities of both countries. However, the embassies should provide reliable trade data in this connection, he added.
He said that discussions on Preferential Trade Agreement (PTA) are underway and it should be finalized soon.
He also proposed organizing single-country exhibitions and urged leading chambers of commerce of both countries to sign memoranda of understanding to formalize cooperation.
