ISLAMABAD ( WNAM REPORT ):The Ministers and business leaders in a seminar on “Economic Integration between Pakistan and ASEAN” stressed the need for improving trade supply and enhancing the concept of shared prosperity between both sides.
The speaker urged the Private Sector and Chamber of Commerce to play its vital role in enhancing the economic and trade integration between ASEAN and Pakistan.
The seminar on theme of “Economic Integration between Pakistan and ASEAN” was attended by Federal Minister for Board of Investment Qaiser Ahmed Sheikh and Federal Minister for Food Security and Research Rana Muhammad Tanveer Hussain and Ambassadors of Association of South East Asian Nations (ASEAN) and diplomats, organized by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Addressing the ceremony, Federal Minister for BOI, Qaiser Ahmed Sheikh said that Pakistan’s economy will exceed $1 trillion in the coming years and investors from China, the Middle East, and ASEAN countries have a golden opportunity to invest in Pakistan.
The minister said the Pakistani government is providing ample facilities to investors, and Pakistan’s economic rating is improving with each passing day.
On the occasion, Federal Minister for Food Security Rana Tanveer Hussain said that Pakistan has established trade and diplomatic relations with ASEAN countries after its independence.
The minister said that Pakistan can prove to be an excellent trade partner for the ASEAN region due to its strategic location.
Tanveer said that Pakistan is keen to expand cooperation with ASEAN countries in agriculture, pharmaceuticals, IT, energy and other sectors.
He said the government, under the leadership of Prime Minister Muhammad Shehbaz Sharif, is committed to establishing regional trade and diplomatic relations.
An event regarding economic relations with the ASEAN region at the Federation of Pakistan Chambers is remarkable to connect this potential economic block with Pakistan, he added.
President FPCCI Atif Ikram Sheikh said while addressing the session that Pakistan and ASEAN are important trading partners and Pakistan’s exports to ASEAN countries are $2.2 billion.
The President of FPCCI said that Pakistan’s imports from ASEAN countries are more than $8 billion.
He said that there are investment opportunities in Pakistan in various sectors for the ASEAN countries region and because of Pakistan’s strategic trade between ASEAN countries and Pakistan increases more in future.
Atif said that Pakistan is an important source of inter-regional coordination globally and investment in the agricultural sector in Pakistan is a prime opportunities for ASEAN.
He said Pakistan is among the first countries to establish diplomatic and trade relations with the countries of the ASEAN region.
President FPCCI said the volume of bilateral trade between Pakistan and ASEAN countries has remained at $11 billion, and strategically, Pakistan is a way to connect ASEAN countries and the Middle East through the Belt and Road Initiative (BRI).
Millions of skilled people from Pakistan are serving in ASEAN countries, and investors from ASEAN countries should take advantage of investment opportunities in various sectors in Pakistan, he said.
He said that Pakistan and ASEAN countries have a lot of potential in the areas of seafood, agriculture, leather industry and others.
There are vast opportunities to increase trade in the sectors, he said.
Vice President FPCCI, Aoun Ali Syed said that Pakistan and ASEAN have huge potential to increase the current trade volume of $11 billion to exceeding its to $30 billion in the coming 10 years.
