Key Takeaways
- Pakistan and African countries reaffirmed their commitment to boost bilateral trade to $15 billion by 2030.
- The Pakistan-Africa Economic Council (PAEC) was established to promote mutual investment and economic cooperation.
- Federal Minister for Defence Production Raza Hayat Hiraj highlighted the importance of the private sector in achieving this goal.
Pakistan and African nations have reaffirmed their commitment to boosting bilateral trade to $15 billion by 2030, according to the inaugural ceremony of the Pakistan-Africa Economic Council (PAEC).
The PAEC was established to promote mutual investment and economic cooperation between the two regions, with a focus on diversifying economic and trade relations.
Ambassadors, high commissioners, and consuls general from various African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya, and Ethiopia, attended the ceremony.
Federal Minister for Defence Production Raza Hayat Hiraj said the forum would play a great role in enhancing economic and trade ties between African countries and Pakistan, describing it as a milestone in the economic history of both sides.
Hiraj emphasized the significance of the private sector in increasing economic and trade ties, noting that Africa’s population of 1.5 billion represents huge potential for Pakistan.
Khyber Pakhtunkhwa Governor Faisal Karim Kundi said the forum would work to strengthen economic and trade relations between Pakistan and the African region, highlighting the potential for growth.
PAEC Patron-in-Chief Hamid Asgher Khan said Africa was a ‘slumbering giant’ that was awakening and would play a huge role in the global geo-economy.
Khan added that bilateral trade between the African region and Pakistan was far below its true potential and there was a huge need to increase it to $15 billion in the coming years.
He noted that Pakistan's current economic and trade potential in IT stood at $2.7 billion and could double after stronger connectivity with the African region in the coming years.
The forum would play a great role in enhancing economic and trade ties between African countries and Pakistan, describing it as a milestone in the economic history of both sides.
Raza Hayat Hiraj, Federal Minister for Defence Production
