Spain is the seventh largest trading partner of Pakistan in the European Union and it wanted to further enhance trade with it as both the countries have good potential to improve bilateral trade and economic relations, said Ambassador of Spain HE Carlos Morales during an interaction with business community at Islamabad Chamber of Commerce and Industry
He said Pakistan had all the positive things including young population, big consumers market and natural resources to attract foreign investors but biased and wrong perception of the country in outside world was the major hurdle in realising its full economic potential. He said about 500 Spanish companies were doing business in UAE and many were taking interest in Iran and India. However, he said Pakistani business community should reach out to the outside world to show the potential of their products that would help in attracting more investment and promoting trade. He said $46 billion China-Pakistan Economic Corridor was a highly positive development as it had generated lot of interest in foreign investors to look at Pakistan with more interest.
He said bilateral trade between Pakistan and Spain was on the rise, especially after the grant of EU’s GSP Plus status to Pakistan, as it improved 43 per cent during 2014 and 25 per cent during 2015 and added that the two-way trade was expected to reach US$ 1-billion mark during this year. However, he said there was lot more potential to enhance it for which every Pakistani had to play role for image building of the country. He said both the countries should focus on diversification to improve trade and identified IT as another potential area of mutual cooperation. He said the ICCI should take a sector-specific business delegation to Spain and assured that his embassy would cooperate to make its visit successful.
In his welcome address, Islamabad Chamber of Commerce and Industry President AtifIkram Sheikh said that Pakistan and Spain enjoyed cordial relations since 1951, but the dedicated efforts were required from both sides to further improve two-way trade. He said Pakistan’s major exports to Spain included some textiles products while Pakistan’s major imports from Spain included all sorts of machinery and parts, chemical materials and products, iron and steel etc which showed that bilateral trade was confined to few items and stressed for focusing on areas to further promote bilateral trade.
He said Pakistan’s leather products, surgical instruments, sports goods, fruits and many other products could provide good value for money to Spanish customers. Similarly, Spain could exports its quality machinery and latest technology to Pakistan in many areas. He said Spain was strong in tourism and it could help Pakistan in further developing its tourism industry.
He said frequent exchange of trade delegations and organising single country exhibitions should be encouraged to promote trade and economic relations up to real potential. Sheikh Pervez Ahmed, ICCI Senior Vice President, and Sheikh Abdul Waheed, Vice President, also offered many suggestions to promote business linkages between the private sectors of both countries.