Significance of barter system emphasised for enhancing trade volume

Islamabad: The Islamabad Chamber of Commerce & Industry organised a Pakistan-Ethiopia Business Forum in its auditorium during the visit of a high-level Ethiopian delegation to Islamabad, says a press release.

Syed Naveed Qamar, Federal Minister for Commerce and Misganu Arega, minister of state for Foreign Affairs of Ethiopia were the chief guests. Fauzia Amin, Minister of State for Innovation & Technology and other dignitaries were also present on the occasion. Speaking on the occasion, Syed Naveed Qamar, emphasised the significance of the barter trade system for enhancing trade volume. He said that Pakistan is a potential market for foreign sectors and urged that the Ethiopian business delegation should explore Pakistan for JVs and investment. He said that Pakistan’s Look Africa policy would cover the whole of Africa to improve business relations with it.

He said that Pakistan is going to launch a B2B Barter Trade Policy and Ethiopian entrepreneurs should take advantage of it to improve trade with Pakistan. He stressed that private sectors of both countries should finalize business contracts and sign business deals. He stressed that the embassies of both countries should focus on easy business visa policies to strengthen bilateral trade ties. Misganu Arega, minister of state for Foreign Affairs of Ethiopia said that Ethiopia attaches great importance to promoting business relations with Pakistan. He said that Ethiopia is the fastest growing economy in Africa and has made a 10 years economic development plan.

He emphasised that Pakistani investors should explore his country for investment. He said that the direct flights of Ethiopian airline with Pakistan would contribute to improve B2B and P2P relations between both countries. He said that the delegation has found Pakistan a heaven for commercial and manufacturing activities. Ahsan Zafar Bakhtawari, president, Islamabad Chamber of Commerce & Industry said that the bilateral trade between Pakistan and Ethiopia is less than $100 million, which is negligible given the actual potential of both countries. He said that Pakistan can export many products to Ethiopic including textiles, rice, pharmaceuticals, chemicals, surgical & medical equipment, sports goods and construction material.

Similarly, Pakistan can import many edibles from Ethiopia. He hoped that the visit of the Ethiopian delegation to Pakistan as a follow up of the Pakistan delegation to Ethiopia in March this year would open up many new avenues of bilateral cooperation between both countries.