Karachi, March 21, 2018 (PPI-OT): The global economic environmental and financial changes have caused lower trade volume between Pakistan and Czech Republic, this was stated by Ivan Jancarek Dy. Minister for Foreign Affairs of Czech Republic during a meeting with Mr. Tariq Haleem, Vice President and Members of FPCCI held at Federation House.
Deputy Minister who was accompanied by Ambassador and Honorary Consul General of Czech Republic lamented that volume of bilateral trade was below the potentials and had declined to 150 million dollars from 217 million dollars last year while volume of Pakistan export to Czech Republic is 92 million dollars and imports from Czech Republic is 57 million dollars which does not reflect the potential both the countries have.
It was further informed by Deputy Minister that in order to further strengthen economic ties between both the countries, Czech Republic would sign agreement with Pakistan on trade cooperation and foreign affairs. He expressed that Pakistan being saved country with a population of 208 million has a great attraction for foreign investment particularly in the back drop of CPEC. He said that Czech Export Bank can offer its services and cooperation in establishing various joint ventures. He also highlighted cultural and tourism heritage of his country.
Earlier, Mr. Tariq Haleem while welcoming the Minister informed about the FPCCI activities particularly in context with the investment policy and Pakistan’s export potential. He said that Pakistan and Czech Republic enjoy political relations and have common thoughts and views on global economic issues; however the bilateral trade between our two countries does not reflect the true potential and the depth of our relations.
Presently, Pakistan export to Czech Republic mainly constitutes Bed linen, Table Toilet and Kitchen linen, Articles of Apparel and Clothing, Accessories of Leather, and other Hosiery, Knitted or Crocheted. Pakistan is a buyer of Czech Republic, Steam turbine and Vapour turbine, Uncoated Kraft paper and paperboard, Radar Apparatus, Radio navigation etc. The reason behind the low bilateral trade between Pakistan and Czech Republic indicates lack of information about each other’s economic, trade and investment potential, and low level of interaction between the Private sector levelof both countries.
He emphasized on the need of frequent exchange of delegation, participation in trade fairs of each other countries as well as holding Joint Business Council Meetings between National Chambers of both the countries. Such interaction will contribute in enhancement of bilateral trade and economic relations. He praised that Czech Republic has a great capability of manufacturing of machineries and Pakistan should make use of their technologies.
Participants of the meeting also discussed visa related issues, operation of direct flights, hotel and motel for tourism and joint venture and academic relationship with universities. The meeting was attended by a large number of members including Dr. Mirza Ikhtiar Baig, Alamgir Firoz Chairman FPCCI Standing Committee on Diplomatic Affairs, Waseem Vohra former Vice President FPCCI and others.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94