LAHORE:Pakistan’s High Commissioner designated to Brunei Darussalam Maj. Gen. (R) Farhat Abbas Sani said on Monday that the Pakistan was pursuing strong economic diplomacy to explore new markets instead of depending on a few countries for trade.
He was speaking here at Lahore Chamber of Commerce & Industry (LCCI). The LCCI President Mian Tariq Misbah, Vice President Tahir Manzoor Chaudhry also spoke on the occasion.
The High Commissioner appreciated government’s vision of diversification to penetrate into the unexplored and relatively small markets. “It will ensure our economic sovereignty due to sustained and durable policies”, he said and added that he would exploit his experience as Director General Defense Export Promotion Organization (DEPO).
He said that he would also visit other chambers to have a clear-vision of Pakistan’s economic strength which could be utilized to enhance exports to Brunei in addition to attracting maximum Foreign Direct Investment from that rich country.
The High Commissioner quoted his previous experience and said that he organized a single country exhibition in Moldova, a small country of Eastern Europe. This exhibition proved very successful as regular investors from Europe also visited this exhibition and made it a total success.
He said that Southeast Asian countries have their own traditional values. “Rice is their main staple food and we could export it to earn precious foreign exchange.” He said that people of Brunei wear their own traditional dresses which are designed, printed and stitched in other countries excluding Pakistan.
He also appreciated the enhanced exports of Information Technology and said, “Last year Pakistan earned approximately 2 billion Dollars and we could also provide this technology to the Brunei.”
He also commented on the exchange of students and faculty members in addition to enhancing cooperation in the field of sports and tourism.
He said that he has already talked to some Pakistani banks to establish their branches in Brunei for the provision of banking services to the importers and exporters. He vowed that he would convince the foreign investors to invest in the tourism, education, health, real state and nursing sectors of Pakistan.
LCCI President Mian Tariq Misbah said that Pakistan and Brunei Darussalam were members of OIC and maintain cordial diplomatic relations based on historical affiliation. However, the bilateral trade figures do not reflect these relations.
While quoting the mutual trade figures, he said that Pakistan’s exports to Brunei are at stagnant to 1.1 million dollar for the last two years (2019 and 2020). Pakistan’s imports from Brunei on the other hand are virtually negligible. Pakistan’s exports to Brunei Darussalam consist of vegetables, basic household articles and tracksuits etc.
The LCCI President said that Brunei Darussalam was a small country and its economy heavily depended on exports of crude oil and natural gas. Out of total exports of Brunei (6.6 billion dollars), the petroleum based products had the share of more than 82 percent.
He said that more than 40 percent import requirements of Brunei were fulfilled from the nearby countries like Malaysia, Singapore and China etc. “Since Pakistan is a producer of finest quality of value-added textiles items, surgical instruments, sports goods, leather products, carpets and rice etc., we can easily capture the Brunei market,”
Mian Tariq Misbah said that over the time, the sectors like pharmaceuticals, light engineering, automotive parts, information technology etc., have made remarkable progress in Pakistan. He said that the market of Brunei Darussalam could also be explored for these sectors as well to enhance the current low level of exports to Brunei.
The LCCI President hoped that Pakistan’s High Commissioner to Brunei Darussalam would play an important role in linking Pakistani exporters with the buyers in Brunei.
He mentioned that there was a lot of scope for Brunei to make investment in Pakistan in sectors like infrastructure, banking, oil & gas, and tourism industry etc. and could also enter into joint ventures with Pakistani counterparts. “The role of your good office will be very important in this connection,” he said and added that Pakistan had a strong agriculture sector and Brunei could benefit from Pakistanis’ expertise in it.
The LCCI Vice President Tahir Manzoor Chaudhry presented the vote of thanks.
LCCI Executive Committee Members Dr. Riaz Ahmed, Shahzad Butt, Shahid Nazir, Sheikh Sajjad Afzal and former Senior Vice President Amjad Ali Jawa were also present.