Pakistan, African countries eye $15bn trade by 2030

ISLAMABAD: Pakistan and African countries at the inaugural 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 the private sectors, including chambers of commerce from both sides, closer to each other. 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. The speakers highlighted key Pakistani sectors, including agriculture, textiles, pharmaceuticals, information technology, minerals and mining, technology, food, education and infrastructure, that offer significant trade and investment potential in Africa, emphasising that both regions should leverage their large populations, resources and expansive markets. Federal Minister for Defence Production Raza Hayat Hiraj said the forum would play a great role in enhancing economic and trade ties between African countries and Pakistan, describing it as a milestone in the economic history of both sides. He said 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. Khyber Pakhtunkhwa Governor Faisal Karim Kundi said the forum would work to strengthen economic and trade relations…