KARACHI: Federal Minister for Commerce Muhammad Pervaiz Malik on Friday emphasized on more interaction and dialogue between Pakistan government and private sector with their counter parts in Africa for promotion of bilateral trade and investment in various sectors.

“There should be Pak-Africa trade dialogue at least once a year,” the Minister said while speaking at an interactive session with the delegates from 18 African countries at a local hotel, under the banner of “Look Africa Trade Forum”.

Hundreds of foreign delegates from many counties have flown in Karachi to visit 10th Expo Pakistan with logo of “Emerging Pakistan”. This 4-day international trade and cultural exhibition was being held at Karachi Expo Centre from November 9.

The Minister said the government had taken various initiatives to promote trade with the world and also to attract maximum investment to Pakistan; with special focus on Africa. He said there was a big market in Africa, which is second largest continent having 54 countries, and Pakistan could have a good share by selling wide range of goods and services. “We shall also be very happy to provide market access to African countries,” he remarked.

He said at present the volume of Pakistan’s trade with Africa stood only at USD 3 billion out of total one trillion dollar trade of African states. This volume, he added, could be doubled within next five years through more incentives, facilitation and increased connectivity and exchange of information about trade opportunities with African countries.

Malik said this programme would provide B-to-B sessions opportunity to the private sector of Pakistan and Africa, which might lead to joint ventures in many sectors.

He assured that Pakistan would continue its support to African countries in human resource development and capacity building, and information technology.

Federal Secretary of Commerce Muhammad Younas Dagha said that more steps would have to be taken to enable the private sectors on both the sides for doing more trade and investment.

Pakistan had very good ties with African countries but the trade volume was very low against the potential.

He highlighted the new initiatives launched by Federal Ministry of Commerce. These included identifying and opening of new sectors in African states, formation of trade groups, special trade facilitation, more incentives for trade in Africa like 2 percent extra duty drawback to Pakistani exporters to this continent.—APP