Islamabad:Former President Islamabad Chamber of Commerce (ICCI) and senior leader of United Business Group (UBG) of FPCCI Zafar Bakhtawri said the current $4.18 billion annual trade volume between Pakistan and Africa was far below then it’s potential in the Africa region, which could be doubled in the next three years.

Exploring new markets and trade diversification policy in Africa is critical to increasing annual trade, he said in a press release issued. He said this while addressing ‘Africa Day’ organised by Islamabad Chamber of Commerce and Industry here. Atadjan Movlamov Dean of Diplomatic Corps, Mohammad Karmoune Dean of Africa, Mthuthuzeli Madikiza High Commissioner South Africa, M. Bello Abioye High Commissioner of Nigeria, Rashid Ally Soobadar High Commissioner Mauritius, Ali Sheikh Abdullahi Ambassador of Somalia, Shakeel Munir President ICCI, Ali Javed Additional Foreign Secretary Khalid Iqbal Malik Chairman Founder Group (ICCI), Zafar Bakhtawari Chairman Pakistan Africa Friendship Association, Jamshed Akhter Sheikh (SVP), Faheem Khan (VP) also participated in event.

A senior business leader said that Pakistan’s trade with Africa has remained stagnant at $3 billion per year for the last few years but has now crossed the mark of $4 billion and is $4.18 billion.

Main reason for the low trade volume has been the low level of engagement of Pakistan with Africa, he said. We have put in place ‘Look Africa’ and ‘Silk Reconnect’ policy initiatives for Africa and Central Asian Republics respectively. He said the World Bank expects that most African countries would reach middle income status by 2025. He said that Africa’s importance is self-evident, a geographical expanse of 30.37 million square kilometres, home to 1.3 billion people in 54 states, and a combined GDP of over $2.33 trillion. He said that Pakistan has launched ‘Look Africa Policy Initiative’ in 2017, which has already been made operational and is reflective of four broader policies towards Africa. To enhance connectivity between Africa and Pakistan, the ‘Look Africa’ Plan includes measures that can help boost trade between Pakistan and Africa, he added. He said that Africa is moving towards economic integration through a number of sub-regional organisations.

Under the ‘Look Africa Plan’ Pakistan can seek to negotiate preferential trade agreements with three African trading blocs. In recent years, certain African countries’ growth rates have outpaced all others in the World. The Continent witnessed an 11% growth in Foreign Direct Investment in 2018, reaching $46 billion, he said.