Pakistan should make concerted efforts to enhance bilateral trade with Belgium and in this connection it could also use Brussels as a warehouse to make exports to other EU countries, said Abid Hussain, Trade Commissioner, Embassy of Belgium in Islamabad.
Addressing a function to mark the Belgium Business Contact Day at Faisalabad Chamber of Commerce & Industry (FCCI), he said that Belgium is a very small country but it is included among most developed countries of the world. Responding to a question about investment in Pakistan by Belgium, he said Pakistan is a very small market for Belgium investors. However, a family from Belgium established a company named TexPak in Lahore a few years ago. Currently it has three units with turnover of over 1 Billion Dollars.
Responding to yet another question about the manufacturing of food grade steel in Pakistan, he requested to submit a written proposal so that contact between concerned stakeholders could be ensured. The Trade Commissioner said that corona has badly affected the word economy and after containing it we could exchange trade delegations. He said that the first Pakistani investment has also been made in Belgium. This company is involved in the manufacturing of nutraceutical products. He further said that investment to or from both countries will help enhance bilateral trade and we will welcome it in any case. About textiles, he said that Pakistan exports textile Products worth $500 Million to Belgium but the entire lot was not for this country alone. “It will go to the free zone area from where it could be exported to any EU country without any custom duty”, he added.
Earlier in his welcome address President Engineer Hafiz Ihtesham javed said that despite the corona, efforts made by Trade Commissioner Abid Hussain is really laudable. He said that bilateral trade declined in 2019 as compared to 2018 while another dip is expected due to pandemic. Hence, we must make serious efforts to stabilize our bilateral trade. He said that Pakistan is a major buyer of textile machinery hence Belgium should set up its textile machinery manufacturing unit in Pakistan. “Due to cheaper labor it could cut down its cost of doing business substantially,” he opined.
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