Pak-Africa trade boost to $4.6 billion in FY 2018-19
Pakistan's trade with africa has oncreased to $4.6billion in fiscal year 2018-209 due to the measures taken by the Ministry of Commerce.
The country’s trade with Africa had remained stagnant at $3 billion per year from 2012-13 to 2016-17. However, trade volume had increased to $4.6 billion in last fiscal year 2018-19. Main reason of the low trade volume had been low level of engagement of Pakistan with Africa.
In order to enhance trade and increase outreach to major African economies, the Ministry of Commerce launched “Look Africa Initiative”, which envisaged various measures to enhance trade with Africa.
In 2019, the Ministry of Commerce has relocated six Commercial Sections from Europe to Africa taking the total number to ten, to cover top ten economies of Africa.
Under the “Look Africa Policy initiative”, the Ministry of Commerce organized the Pakistan - Africa Trade Development Conference that is being held in Nairobi, Kenya, from 30-31 January 2020, which is first of its kind, as over two hundred delegates (officials and businessmen) from twenty African countries, arranged by Pakistan Missions abroad, are participating in the Conference.
The participating countries include Pakistan, Kenya, Algeria, Morocco, Tunisia, Libya, Egypt, Senegal, Nigeria, Ethiopia, Tanzania, Niger, South Africa, Zimbabwe, Sudan, Mauritius, Rwanda, Uganda, and Burundi. The Advisor to PM and Minister for Foreign Affairs are leading the Pakistani delegation.
The Foreign Minister and Trade Minister of Kenya have confirmed participation and Kenyan government is providing full support for the event. The State Minister of Trade from Uganda is also is attending the conference. The President of Kenya, Mr. Uhuru Kenyatta inaugurated the conference.
A delegation of over hundred leading Pakistani companies, in major export sectors having potential in Africa, has been arranged by TDAP:
In the conference, Pak-Africa relations is being discussed, specially, ways and means to enhance trade, develop banking and transportation channels, improve engagement and connectivity and remove tariff and non-tariff barriers.
A presentation on “business and investment opportunities in Pakistan” has been given, followed by sectoral presentations by Pakistani businessmen, presentations by African trading blocs/countries. In addition, to the conference, B2B, G2B and G2G meetings8 are arranged.
