Exchange of delegations can boost Pakistan-Bangladesh trade: Diplomat

LAHORE: The exchange of trade delegations and single country exhibitions could help increase the volume of Pakistan-Bangladesh trade, a diplomat said on Saturday.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI), High Commissioner of Bangladesh in Pakistan Muhammad Ruhul Alam Siddique said that the government is easing visa issuance procedure for the businessmen of Pakistan.

LCCI president Mian Nauman Kabir presented the address of welcome, while vice president Haris Ateeq and Honorary Consul General of Bangladesh Qazi Humayun Fareed also spoke on the occasion.

The high commissioner said the GDP growth rate of Bangladesh is steady at 6 per cent to 7 per cent because of sustainable economic policies, adding that Bangladesh is going to prepare Vision 2021/41.

The Embassy of Bangladesh has always been ready to facilitate Pakistani businessmen, he said, adding: “My target is to act as a bridge between the SME sectors of Bangladesh and Pakistan.”

Mian Nauman Kabir said that both countries should find ways to utilise the Saarc platform for enhancing their share in the regional trade.

Though the balance of trade is in favour of Pakistan, bilateral trade is still below the actual potential, he said, adding: “We expect better trade figures this year. During the first four months of [the] current fiscal year (July-October 2021), our exports to Bangladesh stood at $243 million and imports at $28 million.”

There is a need to focus on exploring new avenues for enhancing trade, the LCCI chief said, adding that the potential areas of bilateral trade are information technology, iron and steel products, surgical instruments, processed food, plastic products, automotive parts, fruits, sports goods, pharmaceuticals and chemicals.

He urged the high commissioner to apprise Bangladeshi businessmen about the investment opportunities in the special economic zones developed under the China-Pakistan Economic Corridor.

“We can benefit from the experience of Bangladesh in improving access to finance for the SMEs. We are well-aware of the fact that the Bangladeshi model of microcredit produced excellent results,” he said.