Islamabad: Pakistan’s investment minister on Wednesday reaffirmed his country’s resolve to cooperate with Central Asian states in the region, state media reported, as Islamabad pushes forward an ambitious agenda to bolster trade and economic activities while grappling with a macroeconomic crisis. 

Pakistan has aimed to enhance its role as a pivotal trade and transit hub connecting the Central Asian republics with the rest of the world, leveraging its strategic geographical position.

The South Asian country has invested in infrastructure projects like roads, railways and pipelines while seeking greater economic connectivity under the China-Pakistan Economic Corridor (CPEC) initiative.

“Pakistan has reaffirmed the resolve to cooperate with Central Asian countries to boost economic and trade activities in the region,” the state-run Radio Pakistan reported. 

Pakistan’s Minister for Privatization Abdul Aleem Khan made these comments while addressing a regional forum titled: “Road to Tien Shan” in Tajikistan.

Khan said international trade would ensure the entire region’s development and prosperity. 

“He said Pakistan’s Port Qasim and Gwadar port are available for Central Asia’s trade routes,” Radio Pakistan said

In April, Pakistan opened its trade gateway to Central Asia with first potato shipment to Tajikistan.

Prime Minister Shehbaz Sharif has repeatedly said Islamabad does not require loans but “mutually beneficial” economic partnerships with its allies.

ISLAMABAD: Oman’s Consul General Sami Abdullah Salim Al Khanjari on Wednesday held discussions with Pakistani businessmen focused on diversifying exports from the South Asian country to the Gulf nation and increasing bilateral trade, a statement from the Karachi Chamber of Commerce and Industry (KCCI) said. 

Like all Gulf countries, Pakistan enjoys cordial relations rooted in shared faith, culture and history with Oman. The South Asian country also has strong defense and economic ties with Oman. 

Khanjari led a delegation comprising the vice consul general of Oman’s consulate, Abdullah Jumah Al Harbi, and other Omani government officials from various ministries in a meeting with Pakistani businessmen and traders at the KCCI’s office on Wednesday. 

“Oman has been importing rice from Pakistan since 1982 and we highly appreciate Pakistan for providing best quality rice,” Khanjari was quoted as saying by the KCCI.

“But we would like to see more Pakistani products including several other agricultural products, sugar, textiles, towels and other good quality products being exported to Oman,” he added. 

He urged Karachi’s business community to look into exporting agricultural products to Oman such as onions, lentils, mangoes and potatoes to the Gulf country. 

Khanjari urged Karachi’s business community to highlight any obstacles that hinder smooth trade with Oman so that they could be removed. He called for holding more exhibitions in the two countries so that their business communities could interact more and explore possibilities for expanding trade.

“Keeping in view the trade potential, the Omani officials expressed the interest of regularly visiting Pakistan every year so that potential products being manufactured here could be exported to Oman,” the KCCI said. 

KCCI President Iftikhar Ahmed Sheikh noted that Pakistan’s exports to Oman totaled around $166 million during the first nine months of the current financial year while last year, Pakistan exported $193 million worth of goods to the Gulf country. 

“Despite brotherly relationships and immense bilateral trade potential, the volume of trade is low which needs to be enhanced to a reasonable level,” Sheikh said.

He said both countries need to reduce trade barriers, diversify their range of products, simplify customs procedures, promote small and medium enterprises, and foster business collaboration to give a much-needed trade boost for “economic integration.”

The KCCI president noted how the oil and gas sector was the driving force of Oman’s economy while Pakistan faces significant energy sector challenges that impact its economy adversely. 

“Importing LNG & petroleum products from Oman at discounted rates or through deferred payments, via government-to-government arrangement, could assist Pakistan in resolving its energy and industrial needs & help in reviving economic growth,” Sheikh said.