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More steps needed to increase Pak-Morocco Trade,investment:Morocco Ambassador

KARACHI, Aug 05 (APP):Ambassador of Kingdom of Morocco, Muhammad Karmoune Monday emphasized on more efforts at government and private sectors level in Pakistan and Morocco to increase the bilateral trade and investment to the real potential on both sides.

“Personally, I am not happy on trade and investment situation. We, on both sides, need more steps to boost our trade and investment,” he said in his comments to media at Pakistan Stock Exchange here, after ringing the Gong (bell) to start trading at the exchange.

He said that for boosting bilateral trade and investment Morocco and Pakistan’s embassies need to enhance their coordination with each other and help their business communities to find trade and investment opportunities.

The federation chambers and other trade bodies of both the countries would have to play proactive role, which might include exchange of maximum trade delegations and economic data.

About PSX, he said it was one of the important financial places in the world.
PSX’s Acting Chief Executive Officer, Muhammad Rafiq Umer expressed his gratitude to the Ambassador of Morocco for visiting Pakistan Stock Exchange.

He said, in the meeting, the working PSX and Casablanca Stock Exchange of Morocco and the proposals to strengthen their coordination were discussed in detail.
“We also want more involvement of federations and chambers for increase in trade and investment,” he said.

Leading business men and Senior Vice President, Federation of Pakistan Chambers of Commerce and Industry, Dr.Mirza Ikhtiar Baig said the local and foreign investors had expressed their confidence on PSX and hoped that it would soon gain momentum once again.

He said Fauji Fertilizer Bin Qasim Limited had made investment of dollars 400 million in phosphorus plant in Morocco, which is the single largest investment of Pakistan in any country. Phosphorus is used as raw material in manufacturing fertilizer.

Honorary Counsel General of Morocco Mirza Ishtiaq Baig informed that the Ambassador of Morocco would visit FFBL plant at Port Qasim on Tuesday to discuss further expansion in FFBL’s Morocco phosphorus plant.

He said there was big potential for trade and investment between Pakistan and Kingdom of Morocco.

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