LAHORE: Bangladesh has simplified visa process for Pakistanis, with an objective to further strengthen trade and economic relations.
While speaking to business community here at the Lahore Chamber of Commerce & Industry on Saturday, High Commissioner of Bangladesh to Pakistan Iqbal Hussain has said the present government in Bangladesh has removed the need for clearance from Dhaka for Pakistani heads of missions while issuing visa. He said that increasing trade and investment between the two countries must be a top priority to move forward. He stressed collaboration with LCCI to achieve this goal.
Mr Hussain stated Bangladeshi government is eager to improve relations with Pakistan, which had been less than satisfactory over the past decade. He said Bangladesh, with its population of 180 million, represents a significant consumer market that Pakistan has the potential to tap. The diplomat said the trade potential between the two countries remains largely untapped, and Pakistan has the capacity to capitalise on it.
He also mentioned the efforts of Dr Mohammad Yunus, the chief adviser to Bangladesh’s interim government, for regional cooperation. He called for greater collaboration between South Asian countries and stressed the importance of revitalising the South Asian Association for Regional Cooperation (Saarc) to enhance regional trade and cooperation. Despite growing regional cooperation globally, South Asia still faces challenges which require collective efforts to overcome.
The High Commissioner said that it is responsibility of both countries to create opportunities for the current generation and remove obstacles to mutual trade and cooperation. He said LCCI has an influential role in fostering increased trade and investment between Pakistan and Bangladesh.
He also reflected on the lessons learned from the Covid-19 pandemic and how it underscored the importance of international cooperation, stating, “It is essential to recognise that nations must collaborate in times of crisis to keep trade flowing smoothly,” he added.
LCCI President Mian Abuzar Shad shared data indicating that two-way trade between Pakistan and Bangladesh amounted to $718 million during the fiscal year 2023-24.
“Pakistan’s exports to Bangladesh were valued at $661m, while imports from Bangladesh stood at $57m. The first five months of the 2024 fiscal year (July-November) saw exports to Bangladesh increase to $314m, while imports from Bangladesh remained low at $31m,” he explained.
The LCCI president expressed a strong desire to boost the volume of two-way trade to at least $2 billion in the near future. He urged both governments and the private sector to take decisive actions to achieve this goal. He said that the sectors including information technology, pharmaceuticals, rice, surgical instruments, processed foods, automotive parts and sports goods can play an important role in this regard.
Published in Dawn, January 12th, 2025
