ISLAMABAD: The OIC region is the largest bloc in the world with a membership of 57 countries having a collective population of over 1.5 billion people and GDP of over US$ 4.5 trillion, therefore, the Pakistani business community should focus on OIC countries to promote its trade and exports.
This was stated by Ambassador Rizwan Saeed Sheikh, Pakistan’s Permanent Representative to the OIC Jeddah while interacting with entrepreneurs during his visit to the Islamabad Chamber of Commerce and Industry (ICCI).
Rizwan Saeed Sheikh said there was huge potential for Pakistan to export its many products to OIC countries including rice, mangoes, dairy products, fresh vegetable and fruits.
The trade potential also existing in sports goods, surgical instruments, pharmaceutical products, carpets, leather products and textile items by removing trade barriers and promoting trade facilitation.
He also discussed the OIC Trade Fair to be held in Pakistan in 2022 and other matters pertaining to trade, commerce and investment in OIC Region.
Speaking at the occasion, Sardar Yasir Ilyas Khan, President ICCI said that Pakistan had strong political relations with all Muslim relations that should be transformed into growing trade and investment relations.
He said that lack of information sharing and low level of interaction among the private sectors of Pakistan and OIC countries was the main reason behind the low level of trade that needed to be addressed.
He urged the Pakistani government for cooperate with the private sector in increasing the level of commercial activities like holding of trade fairs and exhibitions and exchange of trade delegations between Pakistan and OIC region that would help in improving trade and exports.
Yasir Ilyas said that the lack of banking channels with many OIC countries also creates hurdles in payment mechanisms and increases the trade cost as the Pakistani business community had to use banking channels of third countries for trade.
He said that compliance and standardization requirements were different in various OIC countries, which affect the exports of Pakistan to them and urged the government to take measures for uniform standards with OIC countries to improve its trade with them.
Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI and others also spoke at the occasion and highlighted that there was weak air connectivity of Pakistan with Central Asian, African and some Middle East Countries.
Due to which the businessmen have to travel via third countries which increases the cost of trade.
Therefore, they urged the government to establish direct air links with all potential OIC countries to improve its trade and exports with them.