Encouraging Private Sector Support: A Call to Action
Published on: April 28, 2024.
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The private sector in Pakistan is showing reluctance to borrow for new projects or expand production capacity amidst challenging times, according to a press statement released by the Karachi Chamber of Commerce & Industry (KCCI). However, the Ambassador of the Republic of Azerbaijan to Pakistan, Khazar Farhadov, emphasized the need for further development of economic and business relations between Azerbaijan and Pakistan.
Stressing the importance of engaging the private sector, Ambassador Farhadov urged their involvement in the Joint Working Groups established during the seventh session of the Azerbaijan-Pakistan Intergovernmental Joint Commission in December 2021. These groups cover various fields, and it is essential to invite private entities to participate in order to achieve the desired level of trade and economic cooperation.
President KCCI Iftikhar Ahmed Sheikh, Vice President Tanveer Barry, and former presidents Majyd Aziz and Junaid Makda were present during the Ambassador’s visit to KCCI.
Ambassador Farhadov also highlighted ongoing efforts to establish a Transit Trade Agreement and Preferential Trade Agreement between Azerbaijan and Pakistan, which would enhance trade ties between the two countries. He further emphasized that rice imported from Pakistan is exempt from import customs duty in Azerbaijan until December 31, 2027, as per a decision by the Cabinet of Ministers of Azerbaijan on November 22, 2022.
In addition to trade, the Ambassador underscored the importance of resuming LNG supplies by the State Oil Company of Azerbaijan (SOCAR) to Pakistan and mutual investments in energy and IT sectors. These initiatives would contribute to the economies of both Azerbaijan and Pakistan.
Notably, the volume of total trade transactions between Azerbaijan and Pakistan exceeded $100 million in 2023, representing a significant increase from previous years.
Recognizing the need for improved linkages between the business communities of both countries, the Ambassador emphasized the crucial role of the private sector. He stated, “Without the private sector’s participation, we will never be possible to achieve what we are looking for.”
President KCCI Iftikhar Sheikh extended a warm welcome to the Ambassador and invited Azerbaijan to participate in the upcoming My Karachi-Oasis of Harmony International Exhibition, which aims to promote trade and economic activities between countries.
(Source)
