Pakistan can earn huge foreign exchange by exporting skilled labour force to Romania as that country is experiencing shortage of trained human resources.
This was stated by Pakistan Ambassador designate to Romania Dr Zafar Iqbal while talking to the LCCI President Irfan Iqbal Sheikh at the Lahore Chamber of Commerce & Industry. LCCI Vice President Mian Zahid Jawaid Ahmad also spoke on the occasion while Executive Committee Members Malik Muhammad Khalid, Fiaz Haider and Sheheryar Ali were present on the occasion.
The Ambassador said that hardworking and skilled labour force of Pakistan can play a vital role in economic stability of Pakistan by their remittances. He said that the Lahore Chamber of Commerce & Industry should play a proactive role in this regard.
He said that Romania has transformed itself into a developed economy in a short span of time. He said that value-addition marketing and branding can help Pakistan win Romanian market in a winsome manner. Private sector should focus on market research, identification of products for trade with Romania and should establish warehouses abroad.
The Ambassador said that all possible support would be provided to the sector-specific delegation to Romania arranged by the Lahore Chamber of Commerce & Industry.
LCCI President Irfan Iqbal Sheikh said that Pakistan is a resourceful country and has the ability to cater to the needs of any country. He said that although Pakistan and Romania enjoy cordial diplomatic and political relation, the economic relations have yet to reach their true potential.
He said that Romania is one of the major markets in EU. Since the EU has granted the GSP plus Status to Pakistan, it offers a good opportunity to Pakistan and Romania to improve their bilateral trade relations.
Irfan Iqbal Sheikh said that the total trade volume between Pakistan and Romania was merely 73 million dollars in 2018 although it increased from 64 million dollars in 2017. Both countries have the potential of taking the trade volume to 500 million dollars. The balance of trade has traditionally been in favour of Romania. In 2018, the trade deficit was around 20 million dollars.
He said that the potential areas where Pakistan and Romania can enhance economic cooperation and trade ties are Value Added Textiles, Surgical Instruments, Tractor Parts, Pharmaceuticals, Information Technology, Energy, Food Processing and Tourism etc. In order to take advantage of existing trade and investment opportunities, we have to keep regular follow up with each other through your good offices.
