Pakistan should focus on promoting trade with the European Union (EU) countries, particularly with Lithuania, which can potentially be a huge attraction for trade. Senior Vice President of Islamabad Chamber of Commerce and Industry (ICCI) Faad Waheed made these remarks in a meeting with Ricardas Degutis, Ambassador of Lithuania. According to a press statement, Faad said Lithuania’s annual imports are over $30 billion and Pakistan has good opportunity to export many products to Lithuania including pharmaceutical products, electrical equipment, and plastics.

The ICCI senior vice president said Pakistan and Lithuania have good potential to cooperate with each other in agriculture, science and technology, information technology, industrial sector and other fields to share expertise with each other and achieve mutually beneficial outcomes. He said that many sectors of Pakistan’s economy offer great prospects for foreign investment including oil and gas, mines and minerals, energy, and automobile, and urged the Lithuanian investors to explore investment and joint ventures in Pakistan.

Ambassador Degutis said bilateral trade between Lithuania and Pakistan is quite low which can be improved by promoting business linkages between the private sectors of both countries. He said that Lithuania is exporting many products including machinery, furniture, bedding and mattresses, mineral fuels and oils, electrical machinery, vehicles and miscellaneous chemical products.  Engineer Muhammad Azharul Islam Zafar, Vice President ICCI, emphasised regular exchange of trade delegations between Pakistan and Lithuania to explore new areas of mutual cooperation.

Credit: Independent News Pakistan-WealthPk