Sudanese Ambassador in Pakistan Mohammad Omer Musa has invited Pakistani businessmen to consider investment in Sudan to reap the fruit of business opportunities as due to its strategic location in the African region and business-friendly policies international investors are fast making their way to Sudan.
The Sudanese ambassador was speaking at Lahore Chamber of Commerce (LCCI). LCCI President Shahzad Ali Malik and Vice President Sohail Azhar also spoke on the occasion. The Ambassador said that Sudan is quite strong in raw cotton but has failed to make any headway in this sector only because of non-availability of modern technology and if Pakistani businessmen make investment in this sector, both the countries could earn huge foreign exchange.
He said that besides textiles, the sectors including pharmaceutical, transport, power generation, solar energy and construction holding a great deal of potential for Pakistani businessmen. The ambassador informed participants that China, India and Malaysia had already invested heavily in oil sector in Sudan and Pakistan could also make investment for the joint benefit of the two countries. He also called for early establishment of Joint Business Council to expedite exchange of trade related information as non-availability of information is the biggest impediment in the way of bilateral trade between Pakistan and Sudan. He also urged Pakistani businessmen to visit Sudan for having first hand knowledge of available business opportunities there.
Speaking on the occasion, LCCI President Shahzad Ali Malik said that the current volume of bilateral trade does not match with the existing potential of two countries which calls for integrated action.
The LCCI president said that to identify the ways to enhance cooperation between the two countries, there is a need to observe the commodity wise trade trends. Pakistan’s exports to Sudan consist of salt, sulphur, lime and cement, articles of iron & steel, pharmaceutical products, textile articles, man-made fibre and cotton. On the other hand, leather, raw hides, cotton, iron and steel, miscellaneous manufactured articles are mainly imported from Sudan.
To enhance trade, he said, both the countries should also concentrates on new items of trade besides the existing ones. Pakistan being an agricultural economy can supply both semi-processed and processed foods to Sudan. Auto sector is another area where Pakistan can cater to the demand patterns of Sudan. Similarly, petrochemical and edible oil can be the sectors where Pakistan can benefit from the Sudanese product lines.
To lay the ground for economic cooperation led by private sector, the exchange of information and ideas are necessary. It can be best organised through closer interaction between the diplomatic missions and the Chambers of Commerce.
Organising business delegations can be another good option as it enables private sector representatives to have not only direct but a better understanding of each other’s markets.
To supplement exchange of information and business delegations, trade fairs, country or sector specific weeks can be organized at major cities of Pakistan and Sudan to create mutual awareness, he added.