LAHORE – South Africa (SA) is keen to consolidate its partnership with Pakistan on the basis of cooperation and would like to ramp up interaction between the two governments and business communities. South-South cooperation is cornerstone of foreign policy of South Africa. These views were expressed by the South Africa Deputy High Commissioner Cassim Peer and former Minara Chamber of Commerce and Industry President Ebrahim Patel, while speaking to LCCI President Shahzad Ali Malik at the Lahore Chamber of Commerce and Industry on Tuesday. LCCI Executive Committee Members Dr Shahid Raza, Yousaf Shah, Khawaja Khawar Rashid, Sheikh Mohammad Ayub and Tahir M Sheikh also spoke on the occasion.
The delegates stressed the need for joint efforts so that the trade and economic relations between the two sides could be built on a sustainable basis. They also called for steps to revive the MoU signed between the Lahore Chamber of Commerce and Industry and Minara Chamber of Commerce two years ago. They noted that Pakistan holds tremendous potential for South African businessmen and that they had not been able to capitalise due to the lack of relevant trade related information.
It was also noted that both Pakistan and South Africa could increase economic cooperation in the fields of mining, steel, auto, chemical and plastics, engineering and technology. Speaking on the occasion, LCCI President Shahzad Ali Malik reiterated that there is a great potential for expansion of trade between the two countries. South Africa can boost its exports to Pakistan of items like chemicals, gold, diamonds, platinum, metals and minerals, machinery and raw material of steel products to Pakistan.
In addition to increasing exports in the case of traditional products like surgical equipment, rice, sports goods to South Africa, Pakistan can also tap the need for engineering goods, sanitary goods, machine tools, automobile parts to South Africa. South Africa is the main regional shopping centre of seven neighboring countries. Even textile products’ export to South Africa can increase because of greater demand in South African market. The LCCI President said that there also exists a great scope for joint ventures between the two countries. Pakistani industrialists can set up textile units in South Africa to cater to the African market. There are ample opportunities of investment for Pakistani businessmen to invest in information technology, mining, agriculture and other sectors at a time when Chinese and Indian companies are capturing South African market.
The LCCI Executive Committee Member Dr Shahid Raza urged the visiting delegates to consider joint ventures in Pakistan in the engineering sector which can prove highly lucrative for them. He said that the exchange of trade delegations between the two countries and holding of single country exhibitions in both countries could prove to be an effective strategy for increasing bilateral economic relations. He also urged the forging of strong links between the chambers of both countries for this purpose and for exchange of trade related information.
The major exports of Pakistan to South Africa are leather, bed and table linen, carpets, fish and molasses, while Pakistan’s imports from South Africa are mainly iron and steel products, manufactured staples, optical and photographic equipment, wood pulp and paper, organic chemicals and alum.
