Daily Times

Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Irfan Iqbal Shaikh on Saturday stressed the need for enhancing bilateral trade and investment relations between Pakistan and Bulgaria.

In a meeting with Bulgarian Ambassador Irena Gancheva at FPCCI, he said the multi-billion dollars China Pakistan Economic Corridor (CPEC) project was also offering investment opportunities and called the Bulgarian investors to take benefit from it, said a press release issued here. Pakistan and Bulgaria are enjoying cordial traditional relations based on a high level of understanding in the political and commercial fields and on effective cooperation, however, the existing bilateral trade between both countries is lower than the existing potential. He highlighted various sectors for investment in Pakistan including minerals, mining, oil and gas exploration, tourism, agriculture and energy generation. “This would further strengthen our existing bilateral trade and diplomatic relations and the people of both countries will be mutually benefited.”

The FPCCI head urged the need to enhance bilateral cooperation in the field of agriculture as the large livestock potential was existing in the country and it was ranked among the top milk-producing countries, adding that Bulgaria has the world’s best expertise in yoghurt production and collaboration in the field of agriculture and dairy development would further promote the output of agri-value added products. He suggested that frequent exchange of trade delegations will establish a business-to-business contact that will lead to joint ventures and experience sharing in different fields including agriculture development, environment, education and tourism. FPCCI Vice President Umar Masood Ur Rehman emphasized that there are a number of opportunities for investments in Pakistan and the commodities which Pakistan exports to other countries are imported by Bulgaria from other countries but both countries do not trade these with each other.

He mentioned various sectors including meat and edible offal, raw hides and skins, leather footwear and other articles of leather as Pakistan has a large livestock sector. The tobacco industry is another booming industry here, manufacturing of tobacco and tobacco substitutes and homogenized or reconstituted are also available in Pakistan, he added. These are some potential items and commodities that may be considered for establishing trade between the two countries, Umar suggested. Speaking on the occasion, the ambassador reiterated her resolve to further cement bilateral trade and diplomatic relations between both countries. She said that a Joint Economic Commission of both countries was also established in 2015 to explore opportunities for enhancing trade and investment between both countries. The ambassador also stressed the need to diversify the trade and investment cooperation in areas of agriculture cooperation and dairy development.