| Welcome to Global Village Space

Wednesday, July 17, 2024

Belgium keen to expand trade, investment in Pakistan: Bronchain

Belgium envoy in his visit to Islamabad Chamber of Commerce and Industry highlighted various prospects to enhance bilateral trade, investment, and joint ventures.

Ambassador of Belgium to Pakistan Philippe Bronchain on Tuesday said that Belgium, a major European Union partner of the country, is intrigued at the opportunity to invest in Pakistan for the uptake of trade, business and investment activities.

During a visit to the Islamabad Chamber of Commerce and Industry, the ambassador along with his Trade Commissioner Abid Husain discussed various prospects for further enhancing bilateral trade, investment and joint ventures between Belgium and Pakistan.

Read more: Coronavirus changes the funeral rites of Muslims in US & Europe

The ambassador accompanied by his Trade commissioner Abid Husain engaged in discussions for various potential avenues of how bilateral trade, investment and joint venture opportunities could be increased between the two countries during his visit to the Islamabad Chamber of Commerce and Industry.

Value-added products to capitalise on Belgium-Pakistan trade prospects 

Speaking on the occasion, Husain said Pakistan was mostly exporting textile products and some raw materials to Belgium. However, he stressed that Pakistan needed to invest in technology for producing value-added products that would increase its footprint in foreign markets.

He pointed out that it would help Pakistan fully capitalise on the GSP-Plus concession of the EU in order to enhance its exports. Furthermore, he said that the Pakistani diaspora in Belgium could play a role in boosting bilateral trade ties between the two countries.

Read more: Belgium and Netherlands agree to swap land to simplify border

ICCI President Muhammad Ahmed Waheed said, “Belgium was one of Pakistan’s important trading partners within the European Union, however, the bilateral trade volume between Pakistan and Belgium was still below $1 billion despite the both countries having the potential to promote trade in many areas.”

GVS News Desk with additional input by other sources