Pakistan Canada vow to take bilateral trade to $5 billion

Pakistan Canada vow to take bilateral trade to $5 billion

KARACHI: Canadian government and the private sector are interested to promote bilateral trade and investment in Pakistan as Canada sees an emerging potential economy and big market.

Last year, the bilateral trade figured dollars 1.4 billion, which some years back was only $ 400 million.

And, this can be increased to $ 5 billion in next five years by taking promotional steps on both the sides, said Ontario’s (Canada) former minister for research, innovation and science, Dr. Reza Moridi while talking to media at the Gong ceremony here at Pakistan Stock Exchange on Tuesday.

Hence, the bell in PSX Trading Hall is struck three times in the morning to mark the start of trade at the exchange. PSX’s CEO, Richard Morin and the members of the Board of Directors along with senior management officers of PSX participated.

Dr. Reza Moridi jointly headed the Canada Pakistan Business Council and ICT 20-member delegation from Canada on visit to Pakistan.

Other person leading the delegation was President, Ontario Chamber of Commerce Rocco Rossi. Dr. Moridi said many Canadian companies – engaged in different sectors including infrastructure, energy, information and communication technology- are interested in promoting bilateral trade and investment.

He said Pakistan is of more than 200 million consumers market and an emerging potential economy. This is very encouraging for Canadian companies to sell their goods and make investment here.

“We want to bring two nations together by increasing interaction at the governments and private sectors level,” he asserted.

He said Canada is a member of G-7 block and that Pakistan should focus on it for trade and investment. He acknowledged that Pakistan was the first country who produced a noble prize winner in physics named Dr. Abdul Salam.

President and CEO of Ontario Chamber of Commerce, Rocco Rossi said that the representatives ICT companies in Canada amongst the delegates also had come with a big agenda for collaboration with Pakistan’s private sector and for the investment.

President, Canada Pakistan Business Council, Samir Dossal informed that this high profile Canadian delegation was scheduled to leave for Islamabad on Tuesday evening, where the representatives of different sectors/companies of Canadian Government would have meetings with top Pakistan government functionaries including the Ministers for Finance, Trade, Industries, Foreign Affairs besides the business community representatives to further the agenda of promotion of bilateral trade, investment and economic collaboration between Canada and Pakistan.

He said formation of trade and investment policies was the governments’ job. And, he continued, conversation at the two governments level had started on different trade and investment issues. But, we are for the promotion of the two private sectors.

Every year, CPBC invited here some important personalities from Canada for the same cause, he said.

He said for the first time, Canadian government had appointed a full-time Trade Commissioner in Karachi to boost the bilateral trade. This showed the seriousness of Canadian Government on this account.

Canadian Senior Trade Commissioner here Margaux McDonald said the visit of Canadian delegation to Karachi and Islamabad would prove helpful in promoting the bilateral trade and investment in various sectors of Pakistan.

PSX’s Chief Executive Officer, Richard Morin welcomed the delegation and assured all kind of cooperation and support to Canadian companies, on behalf of PSX.