PBF Welcomes Belarus President With Hopes For Flourishing Bilateral Trade
Fahad Shabbir (@FahadShabbir) Published November 25, 2024 | 12:40 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 25th Nov, 2024) Pakistan Business Forum (PBF) warmly welcomed the President of Belarus Aleksandr Lukashenko expressing hope that this high-level visit will mark the beginning of a new era in bilateral trade and economic cooperation between the two nations.
The visit is expected to bring forth significant opportunities for strengthening trade ties, particularly in the agricultural, manufacturing, and technology sectors.
Talking to APP on Monday, President of PBF, Khawaja Mehboob ur Rehman, emphasized the importance of the upcoming agreements and Memoranda of Understanding (MoUs) that are set to be signed in Islamabad, particularly in the area of the tractor industry.
He also highlighted that the establishment of a tractor manufacturing facility in Pakistan would greatly benefit the country's farming community by providing them with access to advanced agricultural technology, thereby improving productivity and efficiency in the sector.
“The development of the tractor industry in Pakistan, in collaboration with Belarus, is a step towards modernizing our agricultural sector. This will not only support our farmers but also strengthen the overall economy,†said Khawaja Mehboob ur Rehman.
He stressed the need for direct flight connectivity between Islamabad and Minsk to facilitate business exchanges, tourism, and trade. "Direct flights between our capitals would help in building stronger trade links and foster greater people-to-people connections," he added.
Chief Organiser of PBF, Ahmad Jawad said Pakistan’s exports to Belarus were valued at just US$343.46 thousand in 2023, according to the United Nations COMTRADE database. However, he emphasized the vast untapped potential, estimating that our exports could tap $1 billion, particularly in key sectors such as fruits and vegetables, rice, textiles, sports goods, and halal meat.
Jawad noted that Pakistan, as the fourth-largest dairy producer globally, has significant potential to increase exports in this sector. He suggested that Belarus, with its advanced agricultural technology, could collaborate with Pakistan to enhance the quality of tractors and machinery used in the country’s agricultural sector.
“We have a clear opportunity to work together in expanding trade in various sectors. Belarus’s expertise in agriculture, coupled with Pakistan’s strength in dairy production and agriculture, makes for a promising partnership,†said Ahmad Jawad.
He emphasized that both business-to-business (B2B) meetings and government-to-government (G2G) dialogues are crucial for increasing trade volume and deepening the economic relationship between the two countries. He encouraged stakeholders on both sides to leverage this visit to explore new opportunities and further strengthen bilateral ties.
PBF Senior Vice President, Amna Munawwar Awan, highlighted Belarus’s importance as a strategic partner in Eastern Europe. She reiterated that a Free Trade Agreement (FTA) between Pakistan and Belarus is essential for unlocking the full potential of bilateral trade.
Amna also underscored the need for regular exchange of business delegations to explore untapped opportunities, particularly in agriculture, technology, and manufacturing. “The private sector in both countries must come forward to strengthen trade relations. The PBF is ready to take the initiative by organizing a business delegation to Belarus to further explore these prospects,†she said.
As the Belarusian President’s visit to Pakistan unfolds, the Pakistan Business Forum remains optimistic that this high-level engagement will pave the way for stronger economic ties, particularly in the areas of agriculture, manufacturing, and technology.
