Pakistan, African countries eye $15bn trade by 2030

Islamabad witnessed the inaugural ceremony of the Pakistan-Africa Economic Council (PAEC), during which Pakistan and African nations pledged to increase bilateral trade to $15 billion by 2030. The two parties also sought to diversify their economic and trade relations, with a focus on enhancing private sector involvement through strengthened cooperation between their respective chambers of commerce.

The ceremony saw the attendance of ambassadors, high commissioners, and consuls general from various African countries, such as Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya, and Ethiopia. Key sectors in Pakistan with significant trade and investment potential in Africa were highlighted, including agriculture, textiles, pharmaceuticals, information technology, minerals, technology, food, education, and infrastructure.

Federal Minister for Defence Production Raza Hayat Hiraj emphasized that the forum would significantly bolster economic and trade ties between African countries and Pakistan, calling it a milestone in their economic history. He stressed that Africa's population of 1.5 billion represented a substantial market for Pakistan, and highlighted the crucial role of the private sector in expanding economic and trade ties.

Khyber Pakhtunkhwa Governor Faisal Karim Kundi echoed the importance of the forum in strengthening economic and trade relations, adding that Africa held immense potential for growth. PAEC Patron-in-Chief Hamid Asgher Khan spoke about Africa as a "slumbering giant" that was awakening, emphasizing its potential to play a significant role in the global geo-economy.

He pointed out that current bilateral trade between Africa and Pakistan was far below its true potential and urged for concerted efforts to increase trade to $15 billion in the coming years to fully exploit this potential.