Pak-Africa Economic Council launched to unlock potential, raise trade to $15 billion by 2030

Pakistan and African countries, at the launch ceremony of the Pakistan-Africa Economic Council (PAEC), reaffirmed their resolve to raise bilateral trade to $15 billion by 2030, diversify economic and trade relations, and bring their private sectors, including chambers of commerce, closer together. The two sides also reiterated their commitment to promoting mutual investment and, through comprehensive and long-term planning, fully exploiting their untapped resources to take bilateral economic and trade relations to new heights. The inaugural ceremony featured detailed discussions on promoting trade, investment, economic cooperation and business ties between Pakistan and African nations. Ambassadors, high commissioners and consuls general from various African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia, attended the ceremony. Speakers at the Pakistan-Africa Economic Council inaugural ceremony highlighted key Pakistani sectors, including agriculture, textiles, pharmaceuticals, information technology, minerals and mining, technology, food, education and infrastructure, that offered significant trade and investment potential in Africa. They emphasised that both regions should leverage their large populations, resources and expansive markets. Minister for Defence Production Muhammad Raza Hayat Hiraj congratulated the organisers on the establishment of PAEC and said that the forum would play a significant role in enhancing economic and trade ties between African countries and Pakistan, describing it as a milestone in the economic history of both sides. Read: Trade deficit jumps 18% to $7.1b The minister said that Africa’s population of 1.5 billion represented huge potential for Pakistan and that the private sector’s role was significant in increasing economic and trade ties. Governor Khyber-Pakhtunkhwa Faisal Karim Kundi also paid tribute to the initiative and said that, under the leadership of Ambassador Hamid Asgher Khan, the forum would work to strengthen economic and trade relations between Pakistan and the African region. He said that Africa had a great future, adding that a rising Africa and an emerging Pakistan had huge potential for growth. Addressing the PAEC Conclave, Patron-in-Chief of PAEC Ambassador (retd) Hamid Asgher Khan said that Africa was a “slumbering giant” that was awakening and would play a huge role in the global geo-economy, while economic and trade connectivity with Pakistan and other potential economies could further strengthen the relationship. Khan said that bilateral trade between the African region and Pakistan was far below its true potential and that there was a huge need to increase bilateral trade to $15 billion in the coming years to exploit its true potential. He said that he had served for seven years in the African region and, after retiring from the Foreign Service, had started a new innings to connect the African region with Pakistan, which had huge economic and trade potential. He said PAEC would play the role of a catalyst in enhancing Africa-Pakistan economic ties. The PAEC patron-in-chief said that information technology and services, pharmaceuticals, health and medical services, and education were the main areas that could play a pivotal role in increasing the true economic and trade potential between Pakistan and Africa. Read more: Exporters need shared responsibility He said Pakistan’s current economic and trade potential in IT stood at $2.7 billion and could double after stronger connectivity with the African region in the coming years. Hamid emphasised that Pakistan wanted to further expand mutually beneficial economic partnerships with African countries, where the private sector and business community played a pivotal role. Addressing the occasion, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh said that Ambassador Hamid Asgher Khan was actively working to boost economic activities with African nations and would continue to play his role in solidifying trade relations. Atif said that the African region held immense importance for Pakistan, as reflected in current government policies, and that the FPCCI would serve as a bridge between the business communities of both sides. The FPCCI president noted that 54 countries in the African region held strategic value for Pakistan. Practical measures were needed to solidify economic ties, and the FPCCI remained committed to expanding trade relations and exploring new business avenues. As guest of honour, Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Tahir Mehmood congratulated Chairman Pakistan-Africa Economic Council Shahbaz Ali Malik for convening the important gathering of policymakers, diplomats, business leaders and other stakeholders. The ICCI president called for a fundamental shift in Pakistan-Africa relations from traditional diplomatic engagement towards a comprehensive economic partnership focused on trade, investment, joint ventures, technology transfer and job creation. He said Pakistan must build stronger economic bridges with Africa to diversify its export destinations and open new avenues for sustainable economic growth. Mehmood said Pakistan had a competitive edge in a wide range of sectors, including pharmaceuticals, textiles and garments, surgical and sports goods, rice and agricultural products, engineering goods, construction, IT, education and healthcare. “A young entrepreneur in Islamabad should be able to build a business relationship with a young entrepreneur in Nairobi, Lagos, Kigali or Johannesburg without waiting for a traditional trade delegation,” he said, adding that digital connectivity could become a powerful new instrument of economic diplomacy. Rawalpindi Chamber of Commerce and Industry (RCCI) President Usman Shoukat congratulated the organisers on the inauguration of PAEC and highlighted different aspects of Pakistan-Africa economic and trade ties. The RCCI president said that PAEC would be a milestone achievement in relations between Pakistan and African countries and that the platform was significant under the leadership of Ambassador Hamid Asgher Khan. Meanwhile, Ambassador of Turkmenistan and Dean of the Diplomatic Corps in Islamabad Atadjan Movlam also paid tribute to the establishment of PAEC for increasing Africa-Pakistan economic and trade ties. A cake-cutting ceremony was also held, and shields were distributed at the end of the event.