Expo attracts $10m agri orders from Bangladesh

KARACHI: Foreign buyers on Saturday placed $10 million worth of orders with local agricultural traders during the ongoing four-day Expo Pakistan 2015, said an official at Trade Development Authority of Pakistan (TDAP).
The official said the local suppliers will supply various agro foods to Bangladeshi companies.
“More orders are likely to be booked by participants from various countries before the end of the expo,” he added. “A total of four memorandum of understandings (MoUs) with Bangladeshi, Moroccan, Saudi Arabian and Chinese companies (worth $17 million) have so far been signed.”
TDAP chief SM Muneer had earlier said more than one billion dollars of export orders would be generated during the exhibition. Since one day is left for the four-day fair on which the TDAP spent more than Rs140 million, the chances of achieving the targeted export orders are little gloomy.
Though buyers appreciated the opportunities they have to attract foreign investments and enhance exports, yet a few of them criticised the TDAP’s performance for making not enough effort to hold and professionally market the event.
Some participating traders said strict security measures at the venue have also restricted spot sales at the event.
A buyer said: “It is a good way to facilitate investors and trading partners to identify the opportunities and right partners to undertake projects, make joint ventures and establish manufacturing facilities.” Ibrahim Kasumbi, senior vice president at the Karachi Chamber of Commerce and Industry said it is a positive sign that foreigners are coming to Pakistan, but by and large the event has failed to attract major buyers. The focus of participants was only on small items, like handicraft and jewelry, while major export-based segment, such as value-added textile sector is not exerting a pull on them, Kasumbi added.
Agha Saeed Ahmed, Commercial Counselor at Pakistan’s Embassy in Kuwait, said 78 delegates from the country attended the fair first time and are busy in business to business meetings with Pakistani exporters.
“They are showing interest in food, leather and textiles sectors. Kuwait investors are also interested in power sector,” said Ahmed. “Kuwait total imports are $24 billion; in which Pakistan’s export share is meager $86 million.”