KARACHI, Dec 15 (APP): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Algerian Chamber of Commerce and Industry on Thursday signed a memorandum of understanding (MoU) to set up a joint business council for promoting bilateral trade and investment, and economic cooperation as a whole between the two brotherly countries by sett.
FPCCI Vice President Shabbir Hassan Mansha and the President Algerian CCI were the signatories, whereas Algerian Ambassador to Pakistan Brahim Romani and Pakistan Ambassador to Algeria Muhammad Tariq witnessed the signing held at the Federation House and virtually at Algeria CCI.
An open house discussion was also held on the opportunities for trade, joint ventures, tourism, and cultural welfare activities between the two countries.
All the participants were unanimous on increasing interaction at the government and the business communities level to harness the real potential of trade, investment and mutual economic cooperation. For which, they emphasized, frequent exchange of trade delegations, holding trade expos, pursuance of already signed agreements between the two countries, along with regular meetings of JBC and other joint business fora.
In his opening remarks, FPCCI Vice President Shabbir Hassan Mansha spoke of the trade and investment potential in various sectors in Pakistan.
He also highlighted the Pakistan Government’s “ Look Africa” trade and investment policy, which would prove an important step for deeper engagement with African nations with a focus on boosting trade and investment ties with Algeria.
He said that during the current fiscal year the bilateral trade volume stood at dollars 17 million. Algeria did import $ 37 billion from the world over that reflected immense trade potential for Pakistan in Algeria.
At present, Pakistan exports cereals, surgical instruments, cotton, apparel and clothing, aluminum and its articles and essential oils.
Pakistan has $ 6.2 billion untapped export potential in Algeria that included cereals, surgical instruments, textiles, vegetables and fruits, pharmaceuticals, copper, footwear, cutlery, aluminum, furniture and mechanical appliances.
He said there was a need to prioritize economic cooperation centered on trade, development projects, and the exchange of technology and expertise.
FPCCI’s Vice President said the establishment of JBC would help enhance economic cooperation on trade, development projects, exchange of expertise, and tourism.
He said FPCCI was committed to a mutually productive relationship and it would want Algerian chambers and associations to form strong liaisons for proper representation and support in trade for the development of both countries.
Algerian Ambassador to Pakistan Brahim Romani said his country’s policies were centered on an open economy and offering maximum facilitation and incentives to local and foreign investors.
He stressed holding different exhibitions on both sides as Algeria was the center of tourism and other economic activities, and the Pakistani business community should benefit.
There was an exemption for five to ten years in the fees and taxes for the investors at industrial zones, along with guarantees to the investors, he said adding that Algerian Government had taken various initiatives needed to encourage local and foreign investment.
Similarly, he added, he would like to advise the Algerian business community to explore Pakistan’s potential market and economy.
He hoped for the best bilateral cooperation between the two countries in the coming days.
He showed his confidence that signing of MoU between FPCCI and ACCI for setting JBC would benefit both countries—further strengthening economic cooperation and partnerships between the two business communities.
Meanwhile, he praised the role of FPCCI, the apex trade body of Pakistan, in promoting bilateral trade and cooperation.
“I hope, two institutions of brotherly countries shall play a vital role in boosting trade and economic cooperation,” he reaffirmed, adding that both the countries were continuously working on promoting cooperation.
He noted that there was big potential for bilateral trade and economic cooperation
He hinted at organizing the Algerian-Pakistan business forum to facilitate business and investment.
The ambassador said that in 2023 Algeria and Pakistan would celebrate 60 years of their diplomatic relations.
On January 01 or 02, 2023, the newly formed JBC would have its first meeting in Pakistan.
President Algerian CCI, Tayyab Chaibab highlighted the Algerian laws on investment and described them very attractive.
He said that setting JBC would help to create many opportunities for the two business communities.
“Pakistani products has a big market in Algeria and same for his country’s products,” he said.
He also emphasized on more exchange of trade delegations and participation in each other’s trade fairs, besides ensuring transfer of technology and expertise.
Pakistan Ambassador to Algeria Muhamad Tariq appreciated FPCCI’s Vice President Shabbir Hassan Mansha for elaborating on Pakistan’s investment and trade laws, especially “ Look Africa” policy.
He said in Pakistan there was a one-window operation facility for the investors.
He said that both the top chambers would have come forward to promote bilateral trade, investment, and economic cooperation in general.
