Karachi-Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that, in a landmark achievement, FPCCI & Algerian Chamber of Commerce & Industry (CACI) have established Joint Business Council (JBC) aimed at broad-based & strategic objectives: (i) to ensure direct exchange of information among Algerian and Pakistani business communities regarding economic and market situation, production and business opportunities; as well as, technological and industrial cooperation (ii) To facilitate contacts among Algerian and Pakistani businessmen in economic, industrial and technological cooperation; i.e. joint ventures, transfer of technology, licensing and know-how (iii) to utilize every possible initiative aimed at strengthening of bilateral economic relations (iv) to study and submit to their respective governments the proposals and policy measures designed to develop economic cooperation between the two countries.
Mr. Irfan Iqbal Sheikh explained that Pak-Algeria JBC will create an enabling environment for both the federation chambers to take definitive strides towards taking the bilateral trade volume to $1 billion in the short-term through creating interdependencies and complementary economies as the conditions of both the countries are similar vis-a-vis socio-economic indicators.
FPCCI Chief added that it is pertinent to note that, in the past few years, Pakistan’s bilateral trade with Algeria has declined from $100 million to less than $25 million; notwithstanding the fact that trade balance was in favor of Algeria. As a result, FPCCI has taken the resolute initiative to establish JBC to foster trade & economic relations between the two countries.
Mr. Shabbir Mansha, VP FPCCI, stated that Algeria is a vast country, i.e. 10th largest in the world in terms of land mass and is rich in natural resources. Therefore, Pakistani business community should visit Algeria to explore avenues of joint ventures; and, also look into sourcing the country’s energy deficit from Algeria on favorable terms on the back of their huge hydrocarbon reserves.
While visiting FPCCI Head Office to witness the agreement on JBC, H. E. Mr. Brahim Romani, Ambassador of Algeria in Pakistan, highlighted the Algerian government’s facilitative measures for trade & economic cooperation as he addressed the prominent business personalities.
H. E. Dr. Muhammad Tariq, Ambassador of Pakistan in Algeria, said that Pakistan is striving to diversify and expand its exports; and, looking for new markets & new product categories. Pakistani embassy in Algeria will fully support Pakistani business, industry and trade community to achieve these objectives.
Mr. Tayeb Chaibab, President CACI, expressed his optimism that FPCCI & Algerian Chamber will be able to enhance the bilateral trade delegations; trade fairs & exhibitions; people-to-people & chamber-to-chamber linkages through capitalizing on the newly formed JBC.
