Daily Times

ISLAMABAD: Brazil Ambassador Claudio Raja Gabaglia Lins on Friday said that Brazil was meeting 42 per cent of its energy needs through renewable resources and was ready to help Pakistan in generating energy through wind, solar, ethanol, biomass and other sources.

Brazil was seventh largest economy of the world and second largest in Latin America and Pakistan could achieve beneficial results for its economy by enhancing cooperation with Brazil. He expressed that these views while addressing at Islamabad Chamber of Commerce and Industry (ICCI) here.

The ambassador said that Brazil had achieved robust growth in agriculture and livestock sectors and Pakistan could improve its agriculture productivity by increasing cooperation with Brazil in this particula field. Many Pakistani products have excellent potential in Brazilian market and Pakistani businessmen should step up efforts to promote trade with Brazil, he added.

He said that promoting direct contacts between the private sectors of both countries was the best approach to explore all untapped areas of potential cooperation and assured that his embassy would extend all possible support to Pakistani business community in their pursuits to explore business opportunities in Brazil.

In his welcome address, ICCI President Khalid Iqbal Malik said that Brazil’s total trade with world in 2015 was $369 billion with exports $ 191 billion, but its bilateral trade with Pakistan was just around $ 300 million, which was not commensurate with the real potential of both countries.

He said that the main reason of low volume of two-way trade was that both countries were doing trade in limited items and they should focus on diversification of trade to achieve better results. He said that many Pakistani products including pharmaceutical, chemicals, sports goods, agro products like basmati rice, pulses, fruits and vegetables could find good market in Brazil and embassy should play role in highlighting their potential to Brazilian customers.

He identified poultry meat, agriculture machinery, orange juice, tea, spices, coffee, auto parts, leather goods, granites, electrical appliances and handicrafts as other potential areas of mutual cooperation between the two countries.

He stressed that both countries should encourage frequent exchange of trade delegations and organizing single country exhibitions to promote bilateral trade and economic relations, up to real potential.

He also briefed that the ambassador about investment opportunities in various sectors of Pakistan’s economy and urged that Brazilian investors should be persuaded to visit Pakistan for exploring business and investment opportunities in China-Pakistan Economic Corridor (CPEC) and other sectors of their interest.