PAEC launched to raise trade to USD15bn by 2030
ISLAMABAD: Pakistan and the African countries at the launch ceremony of the Pakistan-Africa Economic Council (PAEC) reaffirmed their resolve to raise bilateral trade to USD15 billion by 2030, diversify economic and trade relations, and bring closer their private sectors including the chambers of commerce. The two sides also reiterated their commitment to promoting mutual investment and, through…
On Friday, Pakistan and African nations inaugurated the Pakistan-Africa Economic Council (PAEC) with the aim of increasing bilateral trade to USD15 billion by 2030. The council's founders emphasized the potential for diversifying economic and trade relations between the two regions, focusing on promoting mutual investment and unlocking untapped resources.
Ambassadors, High Commissioners, and Consuls General from various African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya, and Ethiopia, attended the ceremony. During the inaugural event, speakers highlighted key Pakistani sectors with significant trade and investment potential in Africa, such as agriculture, textiles, pharmaceuticals, information technology, minerals, and infrastructure.
Federal Minister for Defence Production Muhammad Raza Hayat Hiraj praised the establishment of PAEC as a milestone in the economic history of both sides and highlighted Africa's vast population of 1.5 billion as an immense potential market for Pakistan. Governor Khyber Pakhtunkhwa Faisal Karim Kundi expressed his support for the forum, led by Ambassador Hamid Asgher Khan, and emphasized Africa's promising future in conjunction with emerging Pakistan.
Ambassador Hamid Asgher Khan, Patron-in-Chief of PAEC, described Africa as a "slumbering giant" that was awakening and urged the strengthening of economic and trade connectivity between Pakistan and the African region. He pointed out that bilateral trade between Africa and Pakistan was far below its true potential, calling for a USD15 billion increase in trade in the coming years to fully exploit its potential.
Key areas for boosting economic and trade ties between Pakistan and Africa, according to Khan, included information technology and services, pharmaceuticals, health and medical services, and education. He stressed that Pakistan's current IT economic potential stood at USD2.7 billion and could double with stronger connectivity to Africa. Khan emphasized the importance of private sector and business community involvement in fostering mutually beneficial economic partnerships with African nations.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
