By Commerce Reporter
LAHORE – Ambassador of Zimbabwe Titus M.J. Abu Basutu stressed the need for strengthening economic relations between Pakistan and Zimbabwe to enhance bilateral trade volume. He was speaking at the Lahore Chamber of Commerce and Industry on Monday. LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Executive Committee Members Sheikh Shauban Akhter, Sheikh Muhammad Fayyaz and Karamat Ali Awan were also present on the occasion.
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The Ambassador acknowledged Pakistan’s support to Zimbabwe to grow saying that their government strong trade and economic ties with Pakistan are very important. He said that the private sector and chambers of commerce in both countries could play a pivotal role in unlocking new business opportunities.
“Both countries are abundant with trade and investment opportunities and should capitalize on each other’s strengths,” said the Ambassador. He further added that the Zimbabwean government is keen on expanding its relations with Pakistan and looks forward to enhancing trade partnerships.
LCCI President Mian Abuzar Shad underscored the longstanding diplomatic ties between Pakistan and Zimbabwe. He said that Pakistan was among the first few nations to recognize Zimbabwe’s independence on April 18, 1980 and has been extending defense cooperation to Zimbabwe for a long time.
He stated that Zimbabwe is a member state of the African Union and as a landlocked country in Southern Africa, relies on Mozambique and South Africa for trading through sea routes. He said that LCCI has consistently advocated for greater engagement with African markets to promote trade and economic cooperation.
The LCCI President said that Pakistan has recently shifted its focus towards the African continent. At LCCI, we are actively supporting the ‘Look Africa’ and ‘Engage Africa’ policies initiated by the Government of Pakistan. We are ready to define a clear roadmap for expanding trade relations with Africa through strengthened government-to-government and private-sector linkages.
Expressing concern over the low volume of bilateral trade, the LCCI President said that according to the State Bank of Pakistan, the total trade between Pakistan and Zimbabwe stood at only $10.7 million in 2023-24. Pakistan’s exports to Zimbabwe were valued at approximately $5.5 million, while imports from Zimbabwe amounted to $5.2 million. During the first eight months of the current financial year, Pakistan exported goods worth $3.4 million to Zimbabwe.
He highlighted Zimbabwe’s significant trade potential and said that the country’s global exports exceed $7.2 billion while its imports surpass $9.2 billion. “Pakistan has the capability to fulfill Zimbabwe’s demand for agricultural products, pharmaceuticals, motorbikes, auto parts and apparel, among other goods,” he added.
LCCI Senior Vice President Engineer Khalid Usman said that Zimbabwe imports pharmaceutical products worth $177 million, rice worth $173 million, corn worth $152 million, wheat worth $124 million and sugar worth $85 million. By exporting these items to Zimbabwe, Pakistan can significantly enhance its exports and reach $200 million within a few years.
The LCCI office-bearers stressed the importance of continuous engagement between LCCI and the Zimbabwean Embassy to explore ways of increasing trade and economic collaboration. They suggested that improving banking channels, organizing trade delegations and holding single-country exhibitions could be effective strategies for fostering business connections.
They also expressed their willingness to establish close ties with leading chambers of commerce in Zimbabwe with the guidance of the Zimbabwean Ambassador. “By working together, we can unlock new avenues of trade and ensure mutual economic growth for both nations,” they said.
