Pakistan and African countries have reaffirmed their commitment to promoting mutual investment and making greater use of untapped resources through long-term and comprehensive planning to strengthen bilateral economic and trade relations.
The inaugural ceremony of the forum featured discussions on expanding trade, investment, economic cooperation and business ties between Pakistan and African nations.
Ambassadors, high commissioners and consuls general from several African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia, attended the event.
Speakers highlighted several Pakistani sectors with significant trade and investment potential in African markets, including agriculture, textiles, pharmaceuticals, information technology, minerals and mining, technology, food, education and infrastructure.
They stressed the need for Pakistan and African countries to capitalise on their large populations, natural resources and growing markets to expand economic cooperation.
Federal Minister for Defence Production Raza Hayat Hiraj said the forum would help strengthen economic and trade relations between Pakistan and African countries, describing it as an important milestone in bilateral economic ties.
He said Africa’s population of around 1.5 billion offered significant opportunities for Pakistan, while emphasising the private sector’s role in expanding trade and investment between the two regions.
Khyber Pakhtunkhwa Governor Faisal Karim Kundi said the forum would contribute to strengthening economic and commercial relations between Pakistan and Africa.
He said Africa had strong growth prospects, adding that an emerging Africa and a developing Pakistan had considerable potential for mutually beneficial economic cooperation.
PAEC Patron-in-Chief Hamid Asgher Khan described Africa as a “slumbering giant” that was emerging as an increasingly important force in the global economy.
He said stronger economic and trade connectivity between Pakistan, African countries and other emerging economies could further deepen bilateral relations.
Khan said trade between Pakistan and African countries remained well below its potential and stressed the need to increase bilateral trade to $15 billion in the coming years.
He added that Pakistan’s current IT trade potential stood at around $2.7 billion and could double with stronger connectivity and cooperation with African markets.
