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Pakistan, Brunei vow to strengthen trade ties

Pakistan, Brunei vow to strengthen trade ties

LAHORE: Business-to-business contacts are a must to increase bilateral trade between Pakistan and Brunei Darussalam. The Chambers of Commerce and Industry of the both countries should expedite relations to achieve the desired results.

These views were expressed by High Commissioner of Brunei Darussalam Dato Mahmud Saidin while talking to the LCCI president Ijaz A. Mumtaz at the Lahore Chamber of Commerce and Industry. LCCI vice president Syed Mahmood Ghaznavi and executive committee members were also present on the occasion.

The High Commissioner said that Pakistan and Brunei Darussalam would have to make joint efforts to strengthen their economic ties as despite having excellent relations, volume of mutual trade is very small. He said that his country also attaches importance to Pakistan being one of its brothers and an economic partner. He said that investors from Brunei would certainly like to take benefit of huge potential in Pakistan.

He said that Pakistani entrepreneurs could initiate joint venture with the counterparts in Brunei Darussalam in various sectors. It is high time for the joint business ventures as the business community in Brunei Darussalam is quite impressed with the Pakistan’s growth.

He said that the exchange of trade delegations between the two countries would definitely help boost the volume of bilateral trade and the Lahore Chamber of Commerce and Industry should arrange a visit as early as possible.

The LCCI president Ijaz A. Mumtaz in his address said that that Pakistan has got special place due to fully facilitating Brunei under defence cooperation agreements. Both countries have common perception about harmony and peace.

He said that Pakistan and Brunei Darussalam are members of OIC and maintain cordial diplomatic relations based on historical affiliation. However, the bilateral trade figures hardly reflect these relations.

“The total worth of Pakistan exports to Brunei in 2013 was just dollar 0.4 million that increased to dollar 0.7 million in 2014. The major items of exports are aluminum tables, fruits and vegetables, fresh and frozen fish and rice etc. Similarly Pakistan’s imports from Brunei are virtually negligible”, Ijaz A. Mumtaz added.