Monday September 25, 2023

FPCCI sees $1 billion bilateral trade with Algeria

By Our Correspondent
December 20, 2022

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has established a joint business council (JBC) with Algerian Chamber of Commerce and Industry (CACI), with an aim to take the bilateral trade volume to $1 billion, a statement said on Monday.

Both sides agreed to form a JBC with objectives to ensure direct exchange of information among Algerian and Pakistani business communities regarding economic and market situation, production and business opportunities; as well as, technological and industrial cooperation.

The council would also facilitate businesses on both sides on economic, industrial, and technological cooperation; i.e. joint ventures, transfer of technology, and licensing. The two business associations also agreed to utilise every possible initiative aimed at strengthening of bilateral economic relations, and to study and submit to their respective governments proposals and policy measures designed to develop economic cooperation between the two countries.

Speaking on the occasion, FPCCI chairman Irfan Iqbal Sheikh explained that Pak-Algeria JBC would create an enabling environment for both the federation chambers to take definitive strides towards taking the bilateral trade volume to $1 billion in the short-term through creating inter-dependencies and complementary economies.

He added that in the past few years, Pakistan’s bilateral trade with Algeria had declined from $100 million to less than $25 million; notwithstanding the fact that trade balance was in favor of Algeria. “As a result, FPCCI has taken the resolute initiative to establish JBC to foster trade and economic relations between the two countries.”

Shabbir Mansha, vice president of FPCCI, stated that Algeria was a vast country, i.e. 10th largest in the world in terms of land mass and rich in natural resources. Pakistani business community should visit Algeria to explore avenues of joint ventures; and, also look into sourcing the country’s energy deficit from Algeria on favorable terms on the back of their huge hydrocarbon reserves, he urged.

While visiting FPCCI head office to witness the agreement on JBC, Brahim Romani, ambassador of Algeria in Pakistan, highlighted Algerian government’s facilitative measures for trade and economic cooperation as he addressed the business personalities present there.

Muhammad Tariq, ambassador of Pakistan in Algeria, said Pakistan was striving to diversify and expand its exports and looking for new markets and new product categories. “Pakistani embassy in Algeria will fully support Pakistani business, industry and trade community to achieve these objectives.”

Tayeb Chaibab, president of CACI, expressed his optimism that FPCCI and Algerian chamber would be able to enhance the bilateral trade delegations, trade fairs and exhibitions, and people-to-people/chamber-to-chamber linkages through capitalising on the newly formed JBC.