Qatar keen to enhance bilateral trade with Pakistan

KARACHI: Qatar is keen to increase bilateral trade with Pakistan, inviting businessmen of both the countries to explore opportunities for mutual benefits, a foreign envoy said on Friday.

Consul General of Qatar Mishal Mohammed Ali Al-Ansari said Qatar is in favour of further strengthening relations with the country.

“We are keen to promote bilateral trade with Pakistan, but joint efforts must be made to enhance trade and investment,” the consul general said in a meeting with the officials of Pakistan Chemicals and Dyes Merchants Association (PCDMA).

The consul general said commercial importers urged the businessmen to enhance their contacts with Qatari businessmen and to find common business paths to promote bilateral trade.

“In this regard, the consulate will provide all possible facilities to Pakistani businessmen,” the envoy said.

The consul general said the Qatari government wants to enhance trade with Pakistan, which requires that “we cooperate with each other and focus on promoting exports by examining the markets of both the countries”.

Amin Yousuf Balgamwala, chairman of PCDMA appreciated the Qatari government's desire to expand trade with Pakistan.

“Pakistan's exports to Qatar are low while imports are high. That means trade is in favour of Qatar,” Balgamwala, who was the former director of Karachi Stock Exchange, said.

Pakistan imported $2 billion worth of products from Qatar during the last fiscal year, compared to $1.6 billion in the preceding fiscal year. The growth in imports was contrary to overall slowdown in import payments by the country to ease current account deficit. Exports to Qatar amounted to $110.8 million last fiscal year, compared to $89.8 million a year.

However, Pakistan’s import payments to Qatar fell to $1.1 billion in the first seven months of the current fiscal year from $1.2 billion in the corresponding period a year earlier. Exports rose to $76.9 million, compared to $56 million.

The administration managed to slash current account deficit to 1.6 percent of GDP in the first seven months of the current fiscal year from 5.5 percent in the corresponding period a year earlier.

Balgamwala briefed the envoy about tourism, vegetables and fruits sectors and urged him to promote export in these sectors. He also emphasised to exchange trade delegation to promote bilateral trade.

PCDMA chairman proposed a joint venture for establishing manufacturing units in the fields of chemicals and plastics, which are beneficial to the economies of both the countries.