By Commerce Reporter
LAHORE – The present government in Bangladesh has simplified visa process for Pakistanis with an objective to further strengthen trade and economic relations.
These views were expressed by the High Commissioner of Bangladesh to Pakistan Iqbal Hussain Khan while speaking at the Lahore Chamber of Commerce and Industry.
LCCI President Mian Abuzar Shad gave the welcome address and highlighted the importance of promoting trade between the two nations. Bangladesh’s Honorary Consul General, Qazi Humayun Fareed, First Secretary, Bangladesh High Commission, Islamabad Ms. Khadiza Akhter, LCCI Executive Committee Members, Sheikhupura Chamber President Chaudhry Arif Hussain and Senior Vice President of the Gujranwala Chamber Ahmad Naveed Ranjha, also addressed the meeting.
The High Commissioner said that the Bangladeshi government has simplified the visa process and removed the need for clearance from Dhaka for Pakistani heads of missions. He said that increasing trade and investment between the two countries will be a top priority moving forward with collaboration with LCCI playing a central role in achieving this goal.
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MD Iqbal Hussain Khan stated that Bangladeshi government is eager to improve relations with Pakistan which had been less than satisfactory over the past decade. He said that Bangladesh, with its population of 180 million, represents a significant consumer market that Pakistan has the potential to tap into. The High Commissioner said that the trade potential between the two countries remains largely untapped, and Pakistan has the capacity to capitalize on it.
The High Commissioner also mentioned the efforts of Dr. Muhammad Yunus, the Chief Advisor to Bangladesh’s interim government who advocates for regional cooperation. He called for greater collaboration between South Asian countries and stressed the importance of revitalizing the South Asian Association for Regional Cooperation (SAARC) to enhance regional trade and cooperation. Despite growing regional cooperation globally, South Asia still faces challenges which require collective efforts to overcome.
The High Commissioner said that it is responsibility of both countries to create opportunities for the current generation and remove obstacles to mutual trade and cooperation. He said LCCI has an influential role in fostering increased trade and investment between Pakistan and Bangladesh.
He also reflected on the lessons learned from the COVID-19 pandemic and how it underscored the importance of international cooperation, stating, “It is essential to recognize that nations must collaborate in times of crisis to keep trade flowing smoothly.” the High Commissioner added.
LCCI President Mian Abuzar Shad shared valuable trade data, revealing that two-way trade between Pakistan and Bangladesh amounted to $718 million during the fiscal year 2023-24. Pakistan’s exports to Bangladesh were valued at $661 million, while imports from Bangladesh stood at $57 million. The first five months of the 2024 fiscal year (July-November) saw exports to Bangladesh increase to $314 million, while imports from Bangladesh remained low at $31 million.
The LCCI President expressed a strong desire to boost the volume of two-way trade to at least $2 billion in the near future. He urged both governments and the private sectors to take decisive actions to achieve this goal. He said that the sectors include Information Technology, Pharmaceuticals, Rice, Surgical Instruments, Processed Foods, Automotive Parts and Sports Goods can play an important role in this regard.
Mian Abuzar Shad said that Pakistan’s major exports to Bangladesh include cotton fabric, cotton yarn, and cement, while jute is the primary import from Bangladesh. He said that there is significant room for growth in trade, especially in the aforementioned sectors.
In order to establish strong economic relations, the High Commissioner stressed the importance of initiating regular interactions among business communities through the exchange of business delegations. This would allow both countries to explore new business opportunities and better understand each other’s markets.
Mian Abuzar Shad assured the Bangladesh High Commissioner of full support from LCCI in fostering trade and investment between Pakistan and Bangladesh. He said that LCCI stands ready to assist in any way possible to increase business-to-business interactions and facilitate the exchange of knowledge and information that will drive growth.
He added that LCCI would continue to work closely with the Bangladesh High Commission and other relevant stakeholders to support initiatives aimed at expanding trade relations between the two countries.
The LCCI President underscored the importance of continued collaboration between both governments, business communities and diplomatic channels to build a stronger economic partnership. He also acknowledged the significant role of Qazi Humayun Fareed, Honorary Consul General of Bangladesh, in facilitating communication and collaboration between Bangladesh and Pakistan.
The High Commissioner expressed optimism about the future of bilateral relations, particularly after the recent meeting between Prime Minister Mian Shahbaz Sharif of Pakistan and Dr. Muhammad Yunus in Cairo, which opened new doors for cooperation in trade, investment, and even defense.
