LAHORE – The Lahore Chamber of Commerce & Industry hosted three significant international delegations in a single day, reinforcing its role as a vibrant hub for international business diplomacy and trade facilitation.
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LCCI President Mian Abuzar Shad had the meetings with the delegations and exchanged views regarding two way trade and investment.
While talking to the delegation from the Malaysian Chamber of Commerce, led by Ms. Tahira Javed Dogar, Pakistan’s Trade Counselor in Malaysia, LCCI President Mian Abuzar Shad said that the LCCI is a strong supporter of the exchange of business delegations to promote bilateral trade. He said that before this meeting, LCCI had hosted a delegation from the Greater Birmingham Chamber of Commerce.
Former LCCI Senior Vice President Ali Hussam Asghar, Executive Committee Members Karamat Ali Awan, Asif Khan, Amina Randhawa, Ahsan Shahid, Irfan Ahmad Qureshi, former EC members Malik Muhammad Usman, Abdul Wadood Alvi along with Syed Zahid Bukhari were also part of the meetings.
Mian Abuzar Shad highlighted Malaysia’s importance as a trading partner for Pakistan in the ASEAN region, saying that the Pakistan-Malaysia Free Trade Agreement (FTA), signed in 2007, presents a vital opportunity for Pakistani exporters to access ASEAN markets. He expressed concern that despite the FTA, bilateral trade remains below potential, with two-way trade recorded at USD 1.5 billion in 2023-24—exports from Pakistan standing at USD 582 million, and imports at USD 948 million, with the trade balance in favor of Malaysia.
He expressed optimism that the Malaysian delegation’s visit would open new avenues of collaboration in key sectors including healthcare, pharmaceuticals, mining, engineering solutions, and renewable energy, and assured full cooperation from LCCI in organizing follow-up meetings with Pakistani enterprises.
Earlier, Dr. Nasir Awan, President of the Greater Birmingham Chamber of Commerce, led a high-powered delegation to LCCI. President Abuzar Shad appreciated the representation of diverse and vital economic sectors in the GBCC delegation, expressing confidence that the interaction would strengthen trade and investment ties between Pakistan and the United Kingdom.
He said that the UK is one of Pakistan’s top five trading partners, with bilateral trade standing at approximately USD 2.8 billion in 2023-24. Pakistan enjoys a favorable trade balance, exporting goods worth over USD 2 billion and importing around USD 782 million. He identified potential areas for joint ventures and enhanced trade such as pharmaceuticals, IT, renewable energy, processed food, surgical instruments, leather goods, and automotive parts. He also suggested that the UK could explore increased imports of textiles, leather, furniture, plastics, and footwear from Pakistan as alternatives to China and other Asian markets.
Later, a delegation of the Pakistan Business Council (PBC), Dubai, headed by Chairman Muhammad Shabbir Merchant, along with Kamran Ahmed Riaz and Mustafa Himani (Executive Advisor), held a productive meeting with LCCI President Mian Abuzar Shad. A Memorandum of Understanding (MoU) was signed between LCCI and PBC to promote mutual cooperation and strengthen bilateral economic relations.
LCCI President Mian Abuzar Shad said that Dubai is a global business hub and offers vast opportunities for trade and investment. The UAE is Pakistan’s second-largest source of imports and the fourth-largest export destination. In 2023-24, bilateral trade stood at USD 8.4 billion, with imports from the UAE at USD 6.3 billion and exports at nearly USD 2 billion. Specifically, trade with Dubai alone accounted for USD 6.7 billion, comprising USD 5 billion in imports and USD 1.7 billion in exports.
The MoU signed between LCCI and PBC-Dubai includes joint efforts to organize exhibitions, business forums, seminars, and conferences, promote economic research and information exchange, and encourage Alternative Dispute Resolution mechanisms for commercial conflict resolution.
Caption of the picture
LCCI President Mian Abuzar Shad is presenting LCCI souvenirs to the heads of Birmingham CCI and Malaysian CCI
