Pakistan Government’s ‘Look Africa’ Initiative Praised by Nigerian High Commissioner
Published on: October 17, 2023.
Filed under:
High Commissioner of Nigeria Mohammed Bello Abioye has commended the “Look Africa” initiative by the government of Pakistan as a positive step towards strengthening trade and economic ties between the two countries. During his farewell visit to the Lahore Chamber of Commerce and Industry (LCCI), Abioye emphasized the importance of enhancing communication and trade opportunities between Pakistani and Nigerian business communities. He also highlighted the Nigerian High Commission’s efforts to streamline visa processing and facilitate investment in Nigeria.
LCCI President Kashif Anwar welcomed Abioye’s regular interaction with the LCCI and stressed the significance of trade relations with Nigeria, which has the largest economy in Africa with a GDP of $500 billion. Anwar expressed concern over the decline in bilateral trade between the two countries, which fell from $117 million in 2021-22 to $52 million in 2022-23. He attributed this decrease to a significant drop in imports from Nigeria, while exports from Pakistan also contracted. Anwar emphasized the need for concerted efforts from both the public and private sectors to reverse this trend.
Currently, Pakistan mainly exports pharmaceutical products, tractors and parts, and textile products to Nigeria. Imports from Nigeria include petroleum gas, cotton, and resins. Anwar highlighted the potential for Pakistan to export items such as wheat, sanitary fittings, sugar, medicaments, and frozen fish to Nigeria at competitive prices. He also emphasized the opportunities for collaboration in the energy sector, as well as the IT industry, tourism, and other sectors.
Anwar suggested strengthening financial cooperation and establishing banking channels to facilitate trade and investment. He encouraged the establishment of joint economic commissions, high-level meetings, and business delegations to foster discussions and identify opportunities. Anwar also pointed out the benefits of leveraging the Income Tax Treaty signed between Pakistan and Nigeria in 1989 to avoid double taxation and prevent fiscal evasion.
In conclusion, Anwar highlighted the Special Investment Facilitation Council (SIFC) established by the government of Pakistan to expedite investments in key sectors. He urged Abioye to inform Nigerian investors about the SIFC and encourage them to invest in Pakistan through joint ventures. Anwar also mentioned the government of Punjab’s efforts to improve the ease of doing business in the province and facilitate international and national investors.
Source: [UrduPoint](https://www.urdupoint.com)
