Islamabad.Dec 14: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) vice Presidents Mr. Umar Masood ur Rehman & Mr. Amin Ullah Baig visited the Embassy of the Kingdom of Morocco in Islamabad and met H.E. Mr. Mohamed Karmoune, Acting Dean of Diplomatic Corps Islamabad & Ambassador Extraordinary & Plenipotentiary of Morocco.
During the meeting, several areas of multilateral interests, economic and business engagement, investment, promotion of bilateral trade, economic cooperation, investment, and exchange of trade delegations and trade development were discussed in detail. Both sides also addressed the various prospects and dimensions of strengthening relations in the future.
Mr. Umar Masood ur Rehman, Vice President of FPCCI, said that we should increase trade with brotherly countries for mutual benefit. The African Continental Free Trade Area (AfCFTA) represents significant growth potential for the African economy, as it establishes a structure for fostering regional economic integration, growth, and progress. The agreement has the potential to offer Pakistan fresh avenues to enhance its trade and investment connections with African nations, thus generating business and reinforcing economic relations. Umar Masood further said that Pakistan and Morocco are two brotherly Islamic countries tied with a strong knot of religious heritage, brotherhood, and identity of views in all areas of common interest. Despite brotherly relations, the current trade volume does not depict the actual potential between both countries and is far behind the real potential. Bilateral trade needs to be increased substantially.
Amin Ullah Baig Vice President FPCCI said that Pakistan and its business community are keen to promote trade and investment with Morocco and also urged the business community of Morocco to take benefit from the investment-friendly environment being offered in Pakistan for the benefit of the two brotherly countries. Amin Ullah Baig Vice President FPCCI said that in his opinion there is great potential for enhancing bilateral trade relations between Morocco and Pakistan, as Morocco is located at the gateway of Africa and Europe and offers great economic opportunities which should be explored. “Both countries must look for cooperating, particularly in those sectors in which the two have a comparative advantage” We need to work further for the enhancement of trade between the two countries Pakistan & Marocco having a bounding of cultural heritage also as well.
H.E. Mr. Mohamed Karmoune, Acting Dean of Diplomatic Corps Islamabad and ambassador Extraordinary & Plenipotentiary of Morocco, said that Both countries have excellent potential for further growth in trade and economic relations, he said, adding that Pakistan’s engagement with Africa continues to grow as Islamabad expands its diplomatic footprint in Africa. There are vast opportunities to be tapped for both brotherly countries and business communities, and potential investors on both sides should be fully aware of the opportunities. He said that we are looking forward to importing rice, IT services, textiles, and pharmaceuticals from Pakistan and that we will also import wheat as soon as the brotherly country can have an exportable surplus. Pakistan can look into the petrochemical, automobile, phosphate, leather, and some other sectors in Morocco for investment. The Moroccan Ambassador said, “Trade volume between Morocco and Pakistan is not at the level being expected by the business communities of the two countries hence collective efforts will have to be made from both sides to improve the existing low trade volume. In this regard, “we have to jointly explore sectors/ areas where the Moroccan and Pakistani business communities could collaborate.”