Pakistan’s Minister of Commerce, Jam Kamal Khan said that Egypt is a large market for investment and a gateway to the continent of Africa, with research being done to deal with Cairo’s economic sector through “national local currencies.”
In an interview with Al-Masry Al-Youm, he explained that agriculture is considered the backbone of Pakistan, with 45 million acres of agricultural land available for investment.
He also assured that the government of Prime Minister Shehbaz Sharif is working to privatize all state-owned companies that are suffering from a deficit.
■ Firstly, what about cooperation between Egypt and Pakistan?
For Pakistan, Egypt is considered a strategic partner in various fields.
Commercially, the volume of bilateral trade between Cairo and Islamabad exceeded $400 million.
There are efforts in place to raise and increase the proportions of this volume in a manner befitting their status and in view of joint efforts.
There is a desire from Pakistani companies to invest in Egypt. Pakistan is located at the intersection of South Asia, Central Asia, and the Middle East. It is also a popular market for trade and investment, and has taken great steps to enhance the ease of doing business.
There is no doubt that Egypt is the gateway for our country, and even the world, to Africa.
Cairo participated with about 20 companies in the second edition of the International Food and Agriculture Exhibition in Karachi – a major step for bilateral partnership and increasing the scope of investment between both countries.
■What were the exhibition’s outcomes and the size of international participation?
The exhibition lasted for three days and was attended by more than 1,000 investors and companies from 70 countries.
It is a major event for the Pakistan Trade Development Authority and the Ministry of Commerce, and was organized by the government of Pakistan to invite buyers from all over the world to visit Pakistan, meet business partners and see the full range of agricultural and food sector products presented by Pakistani companies displayed through 330 exhibitors.
Indeed, the number of participating companies tripled compared to last year.
This has led to an influx of visitors and a shortage of hotel rooms in Karachi, confirming the impact of the event on local trade, as well as strengthening trade relations between Pakistan and the countries. Participation, with Egypt and China at the forefront.
■At this point specifically, what does Pakistan offer to cooperate with Cairo?
We held meetings with most foreign delegations, led of course by Egypt’s delegation, and I learned about the extent of the achievements that Egypt has implemented recently through the establishment of many free trade zones, as well as investment opportunities and facilities for investors, which enhances bilateral cooperation between the two countries and gives mutual confidence.
And Egypt is a member of the BRICS group, which is a large economic bloc that includes many large countries, and therefore Cairo has great importance through cooperation with it.
We also export to China, Russia, Vietnam, and the Gulf countries.
■ Is the agricultural sector considered one of the pillars of Pakistan’s national product?
Agriculture is the backbone of the Pakistani economy, and plays a major role in the growth of the country’s gross domestic product.
Therefore, economic and commercial participation in the agricultural field drives increased trade with various countries to achieve stability in the country’s economy.
There are 45 million acres of agricultural land available for investment in the country, so meetings were also held with delegations from South Africa, Afghanistan, Vietnam and Malaysia.
And the Trade Authority held hundreds of sector-specific meetings between foreign buyers and local exhibitors, which led to achieving sales estimated at $541 million on the first day.
Fourteen memorandums of understanding were signed between foreign investors and Pakistani exhibitors in the dairy, salt, food, beverages and confectionery sectors.
Regulatory authorities from Vietnam, Indonesia, Gambia and Senegal met with heads of the Plant Protection Department, Pakistan Standards and Quality Control Authority and Pakistan Halal Authority in order to promote economic activities in general and the field of agricultural and food export.
This exhibition is extremely important for farmers, agribusinessmen and all those working in the field of agriculture.
■ There are countries that want to deal in local currencies to avoid dollar crises. What is your comment?
We will study dealing in local currencies with Egypt, and at the same time we are currently doing so with Russia.
As for the idea of bartering goods for goods, this matter also stems from the needs of both countries for each other.
We will also study re-working Pakistani banks to facilitate transactions and banking by pumping products, as our country is famous for “textiles, rice, spices, Himalayan salt, and medicinal herbs.”
Currently we are paying attention to healthy food, as well as to the green environment through infrastructure that keeps pace with climate changes, especially in building construction.
■What is Pakistan’s economic strategy locally and internationally?
Internationally, we study the major markets and sort out the needs of those countries for foodstuffs, after local self-sufficiency.
If there is a nation that has enough to a large extent, we supply to the countries with the greatest need and then the least.
Domestically, we will privatize all state-owned enterprises that are in deficit, because doing business is the domain of private enterprises and not the government, which exerts its energies to facilitate the business community in the truest sense so that the desired results can be achieved through regional reach.
This increases the country’s potential and expands the industry, all of which are very important matters.
The privatization of the Pakistan Investment Authority (PIA) is going smoothly, and the PIA has a very bright future ahead of it after its privatization as a good international aviation facility will be available to the people.
■ And what about the challenges facing Pakistan’s economy?
There are matters related to energy and customs tariffs, and the government is making great efforts to overcome these issues under the leadership of Prime Minister Shehbaz Sharif.
In response to these efforts, the stock market is witnessing remarkable progress, and inflation has also decreased to a good extent.
At the same time, there is the current situation with energy price management and efforts are being made in this regard, but we are dealing with the energy crisis in order to facilitate business activities and solve various problems.
