He was speaking at a meeting at the Lahore Chamber of Commerce & Industry. On the occasion, LCCI President Mian Nauman Kabir shed light on the mutual trade and economic ties and gave various suggestions.
The Ambassador said that the recent visit of Pakistan’s Foreign Minister to Egypt was very fruitful as several agreements were signed. He said that the efforts are well on the way to start direct flights between Egypt and Pakistan to promote trade and tourism.
He said that at present, Egypt is importing meat from Africa and India but now both the countries are planning to enhance cooperation in this sector. He said that Pakistani rice is being imported in Egypt with the packing of other countries.
LCCI President Mian Nauman Kabir said that Pakistan and Egypt have good diplomatic and warm bilateral relations. Pakistan considers Egypt as an important country of African region because LCCI is pursuing the policy of “Look Africa” for the promotion of trade and economic relations with African countries.
He said that currently, bilateral trade volume between Pakistan and Egypt is in favour of Egypt. According to the State Bank of Pakistan statistics, bilateral trade volume between Pakistan and Egypt has inched up to 373 million dollars in 2020-21 from 359 million dollars during 2019-20.
Mian Nauman Kabir said in 2020-21, the total worth of Pakistan’s exports to Egypt stood around 87 million dollars while the value of Pakistan’s imports from Egypt was 287 million dollars.
“It is encouraging to see that in the first four months of the current financial year (July-October 2021), Pakistan’s exports to Egypt have reached around 47 million dollars while the imports of Pakistan from Egypt has touched the figure of 165 million dollars”, the LCCI President said adding that Pakistan is interested to strengthen and diversify bilateral ties in order to increase Pakistan’s exports to trim down the trade deficit through enhanced cooperation in diverse fields.
Mian Nauman Kabir said that there is a huge potential of increasing Pakistan’s exports to Egypt in various sectors including surgical instruments, pharmaceuticals, light engineering, IT, Halal Meat and Value added Textile.
He said that Pakistan mainly exports Cotton, Plastic
articles, Pharmaceutical products, Man-made staple fibres and Iron & Steel etc. and primarily imports Petroleum gas, Cotton, Cane, Seeds, coffee and aluminum from Egypt. You will agree with me that we need to identify more tradable items.
He said that Pakistan has shifted its focus from geo-politics to geo-economics. “We want economic connectivity and ensuring peace within and beyond borders. I would like to apprise you about the investment opportunities in Special Economic Zone that are being developed under China Pakistan Economic Corridor”, he said.
The LCCI President further stated that there is a great potential to extend mutual cooperation between Pakistan and Egypt in the field of energy including power generation, transmission and renewable energy projects.
He said that business communities of Pakistan and Egypt have to play a vital role for promotion of bilateral trade. Mutual interaction at wider scale is needed to achieve the ultimate objectives.
He assured full support of Lahore Chamber of Commerce and Industry for sharing of information any information related to trade and investment.
The LCCI President said that Egypt is home to one of the world’s earliest and greatest civilizations. Egypt is blessed with River Nile, the world’s longest river which is said to be the hub of the economic activities in the country and the entire region.
“It was really delighted to learn about the Kadesh Peace Treaty which is considered one of history’s earliest peace treaties negotiated in 1259 B.C. with the Hittite Empire. In 1970, the government of Turkey gave a copy of the treaty to the United Nations that can be seen at the entrance of the Security Council Chambers.
LCCI Executive Committee Members Naeem Hanif, shamim Akhter, Ahmad Ellahi, Shahzad Butt, Mian Ateeq ur Rehman and former Vice President Mian Zahid Jawaid Ahmad were also present on the occasion.
