Imran Zakir
KARACHI: The business community should focus on expanding Pakistan’s trade and investment footprint in African markets, particularly the Southern African Development Community (SADC), speakers at a brainstorming conference and PSCTF Excellence Awards ceremony said on Friday.
The event was organised by the Pakistan SADC Chamber Trade Federation (PSCTF), Sindh and Balochistan Chapter, at Karachi Gymkhana to recognise outstanding achievements in business, trade, healthcare, education, public service, social welfare, technology and economic development.
Speaking as chief guest, Senior Vice Chairman FPCCI Saquib Fayyaz Magoon appreciated PSCTF Sindh and Balochistan Chapter President Muhammad Shoaib Qadri for recognising high-performing individuals, saying such initiatives would encourage innovation, coordination and efforts to increase exports.
Mr Magoon said high energy costs remained one of the biggest obstacles to industrial competitiveness and sustainable economic growth. He stressed the need to increase energy production and said energy costs and capacity payments were placing a heavy burden on the economy.
He also said sales tax refunds of Rs83 billion would be released within a month, while Rs43 billion in pending export rebates and income-tax refunds were also expected to be released.
Keynote speaker and BMG Chairman Zubair Motiwala urged Pakistani businesses to explore African markets, describing the continent as a largely untapped market with significant potential.
“Why are we not penetrating the African market?” he asked, noting that Pakistan continued to focus heavily on the United States and European markets.
He recalled former commerce minister Razak Dawood’s “Look Africa” initiative and said Pakistan’s exports to Africa could be increased substantially. He also highlighted the potential of the blue economy, saying it could generate up to $100 billion for Pakistan.
ABAD Chairman Hasan Bakhshi called for greater discussion on administrative reforms and empowered local governments. He said the business and wider community should collectively decide matters concerning its future.
PSCTF Pakistan President Syed Moizuddin announced support for the BMG in the forthcoming Karachi Chamber of Commerce and Industry elections and stressed the importance of promoting business cooperation.
Founder SADC Trade Federation Rafiue Memon, speaking through a video link, said Pakistani entrepreneurs, particularly members of the Memon business community, had established a strong presence in Africa and helped strengthen economic ties.
The PSCTF Excellence Awards were presented to prominent personalities, including KCCI President Rehan Hanif, former Additional DG FIA Ammar Jafri, Dr Naeem Uz Zafar, Dr Zahid Ansari, Prof Dr M. Tufail, Zubair Tufail, Prof Dr Afzal Haq, Hanif Gohar, Atif Iqbal and other business, academic and professional leaders.
Representatives and stakeholders from SADC and other African countries also attended the event, highlighting opportunities for stronger Pakistan-Africa trade and investment relations
, speakers at a brainstorming conference and PSCTF Excellence Awards ceremony said on Friday.){kind=link}