Pakistan, African countries eye $15bn trade by 2030

According to Dawn, Pakistan and several African countries reaffirmed a goal of $15 billion in bilateral trade by 2030 at the inaugural Pakistan-Africa Economic Council (PAEC) ceremony in Islamabad. The sides also committed to diversifying their trade ties, deepening mutual investment and drawing private sector bodies, including chambers of commerce, closer together. Envoys from Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia were among those present.

Federal Minister for Defence Production Raza Hayat Hiraj called the forum a landmark for both sides and said Africa's population of 1.5 billion offered huge potential for Pakistan. He also stressed that private enterprise carries significant weight in lifting economic and trade ties. Khyber Pakhtunkhwa Governor Faisal Karim Kundi expected the gathering to deepen commercial links with a continent he described as rising.

Speakers pointed to agriculture, textiles, pharmaceuticals, information technology and minerals as Pakistani sectors with notable potential in Africa. PAEC Patron-in-Chief Hamid Asgher Khan described Africa as a slumbering giant that was awakening and said bilateral trade remained far below its potential. He put Pakistan's current trade potential in information technology at $2.7bn, a figure that could double with stronger African connectivity.