Pakistan is looking for ways to mitigate an economic crisis by seeking new outlets for its exports to Africa, and particularly Morocco, as the Kingdom is considered to have high potential.
While the economic situation of Pakistan is becoming worrisome with inflation exceeding 20%, a sharp depreciation of the rupee and an external debt that amounts to 130 billion euros, of which 30 billion are due to China, a delegation of about thirty industrialists and investors was expected this Sunday in Morocco to participate in the Pakistan-Morocco Business Forum, scheduled to continue until January 19.
Shahbaz Mahmood Sheikh, a well-known businessman in Pakistan told the Pakistani press that the purpose of the visit was to give investors and industrialists access to the Moroccan market for their agricultural products, textiles, surgical instruments, sports equipment, automotive parts and others.
The Pakistani delegation will take steps to promote foreign investment in Pakistan and increase domestic exports, he concluded.
Last November, Pakistani Senate President Muhammad Sadiq Sanjrani urged Moroccan investors to explore economic opportunities in Pakistan, referring to the historic economic and diplomatic ties between his country and the kingdom.
Sanjrani expressed this wish during a bilateral meeting with the Speaker of the House of Councillors, Enaam Mayara. The president of the Senate also mentioned the cooperation that his country wants to encourage in defense and various economic activities.
The approach of the country led by Shehbaz Sharif is part of the “Engage Africa” initiative, which aims to improve ties with African countries and take advantage of both the continent’s resources and emerging markets.
One such tool is the consolidation of economic and diplomatic representation in what are considered the top ten African economies. With Morocco as one of the main targeted nations, Pakistan aims to increase its presence in Nigeria, Kenya, South Africa, Senegal, Algeria, Egypt, Sudan, Tanzania and Ethiopia.
On the import side, Rabat is Islamabad’s main import partner. The Kingdom’s exports are around 350 million euros, with phosphoric acid, chemical fertilizers and calcium phosphates topping the list of goods traded.
For its part, Morocco imported goods worth nearly 40 million euros, including textiles, cotton and rice.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.