Ambassador of Nigeria in Pakistan A Oyodele has called for sector-specific measures to increase bilateral trade between Pakistan and Nigeria, observing that both the countries have a huge potential but very little trade and economic cooperation.
The ambassador was addressing a meeting of the All-Pakistan Business Forum (APBF) during his visit to Lahore along with a strong delegation.
Lauding the APBF’s role in removing the bottlenecks in the way of promotion of business, Oyodele said that a lot had yet to be done for the economic well-being of the country and its people.
He said that low volume of bilateral trade demanded extraordinary efforts from the businessmen of the two countries. He invited the APBF members to enter into joint ventures with their Nigerian counterparts in the fields of agriculture, energy and manufacturing.
Speaking on the occasion, APBF President Ibrahim Qureshi said that the role of the private sector must be emphasised for trade promotion and economic development and it had to be involved by the governments in their endeavors to achieve this goal. He said that the APBF acted as a bridge between the government and the business community, adding that it also tried to secure a business-friendly environment through sharing views with the government.
Qureshi said that the primary objective of the APBF was to protect the interests of the business community while the remaining committed to the cause of development of trade and industry. He also called for removing all barriers to trade among Muslim countries, saying the creation of free trade among the Organisation of Islamic Cooperation (OIC) countries would ensure increase in trade between the Islamic nations and the private sector had an important role in this regard.
He said the world was facing several challenges, including poverty, hunger, terrorism, global recession and natural disasters. He said the Islamic world was not immune to those challenges, and should come together to tackle them by encouraging trade with one another.
Qureshi said there might be frequent trade exhibitions and interaction amongst trade associations and the governments of Muslim countries.
He said that presently, the Pakistani merchandise was going to 215 countries, but 80 per cent of the total trade was with only 15 to 20 countries that should be expanded.
He said the Pakistan-China Economic Corridor (CPEC) would usher in a new era of economic development for the whole region as it would not only benefit Pakistan and China but Middle East, central Asian states and other neighboring countries as well.
The APBF president further said that the Forum while doing its routine functions kept performing its due role in the promotion of international trade. It kept on interacting with foreign trade missions and also with the ambassadors or high commissioners of various countries in order to develop good working relations, he added.
On the occasion, Senator Dr Aliyu Magatakarda Wamakko urged the APBF for regularly exchanging business delegations. He said these efforts caused the much-needed stimulus in economic activities which resulted in more employment generation and economic development.
He also appreciated Pakistan’s liberal investment policies and incentives being offered in the various sectors, such as livestock, textiles, dairy farming, agriculture and energy, for investment.
