ISLAMABAD: Pakistan can increase its exports, attract foreign direct investment and enhance the inflow of remittances by strengthening its ties with Muslim-majority nations, said a leading member of the country’s business community while addressing an international forum on Monday.
Irfan Iqbal Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), also urged members of the Organization of Islamic Cooperation (OIC) to follow the example of other regional groupings and enhance trade among themselves.
“The trade between OIC countries stands at only 17.5 percent,” he said while representing Pakistan at the 38th General Assembly of the 57-nation alliance of Islamic Chamber of Commerce, Industry and Agriculture. “For other alliances like EU, it is 55 percent and [for] NAFTA 58 percent.”
President of the Federation of Pakistan Chambers of Commerce and Industry, Irfan Iqbal Sheikh (second left in the first row) attends 38th General Assembly of the 57-nation alliance of Islamic Chamber of Commerce, Industry and Agriculture in Muscat, Oman. (ICCIA)
With a collective GDP of $7 trillion, Sheikh said the Muslim nations were in a position to work toward increased trade to capitalize on their mutual strengths.
According to a statement issued by his office, the FPCCI chief noted that Pakistan should try to increase its exports to OIC countries in value-added textiles, leather products, footwear, handicrafts, sports goods, pharmaceuticals, surgical equipment, gems and jewelry, rice, fruits, vegetables and construction materials.
Sheikh also asked Pakistan to capitalize on people-to-people, business-to-business and chamber-to-chamber contacts with OIC nations.
He proposed that the OIC nations should organize trade fairs and exhibitions at various levels, adding such initiatives were possible once again after the relaxation of the coronavirus restrictions in the world.
