FPCCI Highlights Trade Potential with ASEAN Countries

Karachi: Atif Ikram Sheikh, President of FPCCI, President of ECO-CCI, and VP of CACCI, has underscored the significance of ASEAN as a key trading partner for Pakistan, noting that two-way commerce has reached $9.06 billion.

However, the existing trade dynamics show a considerable skew in favor of ASEAN nations. Pakistan’s exports amount to $2.2 billion, while imports are at $6.8 billion, with 90% of this trade concentrated among five countries: Malaysia, Thailand, Vietnam, the Philippines, and Indonesia.

Notably, ASEAN Day was observed at the FPCCI Head Office, Federation House, with a focus on enhancing Pakistan-ASEAN connectivity in transport, communications, and the blue economy. The aim was to promote stronger ties between people, businesses, and trade sectors. The event saw participation from senior diplomats, government representatives, industrialists, exporters, and key stakeholders from ASEAN member states.

Atif Ikram Sheikh stated that, given ASEAN’s progress in global manufacturing and service industries, the FPCCI seeks to offer a platform for discussing strategies to streamline trade conditions, explore markets, and establish mutually advantageous partnerships for the Pakistani business community.

Herman Hardynata Ahmad, the Consul General of Malaysia in Karachi, conveyed his optimism regarding the ongoing trade promotion initiatives and economic engagement between Pakistan and ASEAN, acknowledging the FPCCI’s crucial role in facilitating business tourism, trade agreements, and delegation exchanges.

The consuls general and diplomats from Thailand, Vietnam, and the Philippines extended invitations to trade delegations from the FPCCI, Pakistan’s leading trade organization, for upcoming trade promotion activities, events, and exhibitions in their respective nations.

Saquib Fayyaz Magoon, SVP FPCCI, pointed out the broad and expanding trade and investment possibilities with ASEAN countries, encompassing textiles, apparel, agriculture, fisheries, food, beverages, carpets, footwear, construction, insurance, IT, oil, handicrafts, jewelry, cosmetics, perfumes, healthcare, renewable energy, pharmaceuticals, coffee beans, green coffee, electronics, fruits, and spices. He also observed that trade relations between Pakistan and ASEAN are underutilized and highlighted Pakistan’s existing Free Trade Agreement (FTA) with Malaysia and Preferential Trade Agreement (PTA) with Indonesia. He also mentioned ongoing FTA negotiations with Thailand and PTA discussions with Vietnam.

Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, clarified that Pakistan and ASEAN’s relationship is multifaceted and has greatly improved due to shared trust, collaboration, and cultural connections.

He expressed satisfaction with the participation of key stakeholders and business leaders in the B2B session with the ASEAN delegation at FPCCI. He added that Pakistan offers considerable investment opportunities, has an abundant workforce, and possesses a favorable economic location, making it a prime location for ASEAN investors to set up production facilities for marketing goods in the Middle East, Central Asia, and Western China.