Commerce Minister Reaffirms Commitment To Deepening Collaborations With Belarus
Sumaira FH Published September 24, 2024 | 05:00 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 24th Sep, 2024) Minister for Commerce Jam Kamal Khan on Tuesday reaffirmed Pakistan's strong commitment to deepening its collaboration with Belarus across all sectors to further promote bilateral trade and economic relations between the two countries.
Addressing the 7th Session of the Pakistan-Belarus Joint Ministerial Commission on Trade and Economic Cooperation, Kamal stated that Pakistan and Belarus have long shared a bond rooted in mutual respect, trust, and common interests, which has evolved into a more meaningful partnership.
The minister emphasized that the Pakistan-Belarus Joint Ministerial Commission serves as a vital platform for reinforcing longstanding ties, adding that since the establishment of the Joint Ministerial Commission, the two countries have made significant progress in strengthening bilateral relations.
Jam Kamal Khan further said that the Pakistan-Belarus trade volume during the last financial year (2023-24) was recorded at $34.88 million, with Pakistan exporting goods valued at $0.39 million to Belarus and importing goods worth $34.49 million from Belarus.
He also stressed the need to prioritize expanding trade volumes by exploring new markets and diversifying their export portfolios, noting that the role of forums such as the Joint Business Council is critical.
However, he acknowledged that considerable potential remains to be explored for enhancing bilateral investments in various sectors, including agriculture, health, trade, tourism, and cooperation in addressing the impacts of climate change.
The minister highlighted the tremendous opportunities for cooperation in the industrial sector, noting that increased interaction between the investors of both countries—particularly through joint ventures in textiles and automotive manufacturing—would further enhance economic cooperation.
Jam Kamal Khan announced that the 6th session of the Joint Business Council (JBC) will be organized later this year, which will facilitate the promotion of business-to-business contacts and the development of bilateral trade and investment relations.
"Our countries have a tremendous opportunity to share knowledge, technologies, and best practices to enhance agricultural productivity and sustainability," he said, adding that Pakistan is keen to explore opportunities for technology transfer and the establishment of joint ventures in the industrial and agricultural sectors to produce machinery compatible with local needs in terms of size and adaptability.
The minister pointed out that agricultural mechanization offers immense opportunities for collaboration, and Belarus's expertise in this field can significantly support Pakistan's efforts to modernize its agriculture sector.
He mentioned that forums such as the Joint Working Group on Agriculture can help address these key goals by facilitating cooperation between Pakistan and Belarus in technology exchange, expertise sharing, and best practices. He emphasized that, in light of global challenges related to food security, cooperation in these fields has become increasingly vital.
The minister called upon Minsk Tractor, Minsk automobile Plant, and other engineering companies to establish joint ventures with their counterparts in Pakistan, while also exploring the potential of small enterprises and joint entrepreneurial ventures through collaboration between the Small and Medium Enterprise Development Authority of Pakistan and the Belarusian Fund for Financial Support for Entrepreneurs.
Jam Kamal Khan also invited Belarusian investors to explore the abundant trade and investment opportunities in Pakistan through the Special Investment Facilitation Council (SIFC). He explained that the SIFC has been established as a one-stop forum to streamline and facilitate foreign investment across key sectors, including agriculture, energy, technology, and infrastructure.
With investor-friendly policies, incentives, and a commitment to easing the process of doing business, Pakistan offers a promising environment for Belarusian businesses seeking to expand and collaborate in joint ventures, he remarked.
In the meeting, the minister proposed greater collaboration in the fields of environmental sustainability, renewable energy, and clean technologies, stating that Pakistan and Belarus must work together to ensure the early finalization of the draft Memorandum on Cooperation in the field of Environmental Protection and the draft Memorandum of Understanding in the field of Emergency Situations.
Addressing the forum, Belarusian Minister of Energy Aleksei Kushnarenko emphasized that the joint ministerial commission represents a potential game changer for the economies of both countries.
He expressed his commitment to ensuring Belarus's cooperation with Pakistan across all sectors, highlighting the significance of this partnership. He suggested that the establishment of joint working groups would be a positive step forward, facilitating deeper collaboration and focused efforts on mutual interests.
He commended Pakistan for its efforts in organizing the session of the Joint Ministerial Commission, noting that such initiatives are essential for strengthening bilateral ties.
