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Business

October 12, 2017

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Belarus envoy proposes plan for trade boost

Belarus envoy proposes plan for trade boost

ISLAMABAD: Andrei G. Ermolovich, Belarus ambassador to Pakistan, on Wednesday proposed that two countries should enhance cooperation in different sectors particularly industrial and agriculture and reap the benefits of currently trade available incentives that are hard to find around the globe. 

“Bilateral relations between the two countries have progressed rapidly over the last two years and will grow further down the line,” Ermolovich said during a meeting with Mohammad Pervaiz Malik, federal minister for commerce and textile, at his office. 

"We should exchange VVIP (very very important persons) visits and conduct more joint trade committee meetings to improve trade and measure the progress on the implementation of the roadmap."  The envoy said that there was a myriad of opportunities that can provide a big boost to business relations between the two sides. 

Endorsing the Belarusian diplomat, the minister stressed on the importance of expanding cooperation in trade, commerce, investment, and other sectors of economy. “There is an immense potential for economic and commercial relations and the current trade volume can be substantially enhanced, added the minister. 

Malik further said that Pakistan offered excellent opportunities for foreign investors especially in the wake of China-Pakistan Economic Corridor (CPEC). “Belarusian investors can enjoy the incentives provided by the government of Pakistan,” the minister said. 

Pakistan's exports to Belarus were $0.6 million in 2015-16, while its total imports from Belarus were worth $28.2 million in 2015-16. The overall balance of trade remains in the favor of Belarus due to large import of tractors, petroleum, machinery and auto parts, vegetables and synthetic fiber. Pakistan has the potential of increasing its trade in textiles, foodstuffs, surgical goods, chemicals, pharmaceuticals and mineral products.

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