Somalia encourages Pakistani businessmen to instigate joint business projects
- By Sunaa Ansari -
- Nov 24, 2018
LAHORE: Embassy of Somalia Deputy Commercial Attaché Abdifitah Abdul Kadir Osman has encouraged Pakistani businessmen to initiate into joint business ventures with their corresponding companies related to pharmaceutical and different sectors.
He highlighted on the invitation while talking to Lahore Chamber of Commerce and Industry (LCCI) Vice President Fahimur Rehman Saigal, mainly he emphasized on making visa procedure uncomplicated and business friendly, as Pakistan and Somalia can benefit from very sturdy historical associations leading to a basis for communal trade and economic bond.
He stated, “All segments of economy in Somalia are open for Pakistani investors, exchange of trade delegations can further reinforce the mutual trade and economic relations.”
He also declared that first-ever ‘Made in Pakistan’ exhibition will be held in Somalia in 2019.
The LCCI vice president said, “Somalia is a member state of African Union and also part of Organization of Islamic Countries. However, Lahore chamber is promoting an idea that Pakistan must discover African market for augmenting its exports.”
Saigal also added that, the bilateral trade shows an emerging trend, as from 2015 to 2017, the level of bilateral trade has elevated from $31 million to $50 million. The imports from Somalia average around $7 million, however, Pakistan’s exported goods to Somalia have almost two folded in three years, closing at $43 million in 2017. The main exports from Pakistan to Somalia comprise of rice, sugar and pharmaceutical products.
The LCCI president also mentioned that, “We have the competence to congregate the demands of Somalia for home appliances, electrical items, motorbikes, articles of apparel and plastics etc, and Lahore Chamber and Embassy of Somalia shall keep up good liaison with each other so as to augment trade and economic associations.