Karachi: Mr. Samir Dossal, President of the Canada Pakistan Business Council (CPBC), marked a significant milestone in Canada-Pakistan economic relations by performing the "Gong Ceremony" at the Pakistan Stock Exchange (PSX) today. The ceremony celebrated the achievement of $1 billion in bilateral trade and the growing institutional connections between the PSX and the Canadian business sector.
During the event, Mr. Dossal expressed gratitude towards PSX Chairman Ruhail Muhamad, Managing Director and CEO Farrukh Sabzwari, and particularly acknowledged Nadeem Naqvi, director of both PSX and CPBC. Mr. Dossal recognized Naqvi's efforts in enhancing Canada-Pakistan relations and fostering dialogue and engagement between international investors and the Pakistani capital market.
Mr. Dossal highlighted the strong performance of Pakistan's stock market, describing it as a positive indicator for potential Canadian investors. He emphasized that Pakistan’s large population represents a promising market for Canadian goods and services, while the Canadian-Pakistani diaspora offers opportunities for knowledge exchange and business ventures.
Trade between Canada and Pakistan has grown considerably, from $300 million in 2012 to over $1 billion annually. Mr. Dossal pointed to key sectors such as agrifood, where Canadian Canola imports have reached 500,000 tons after resolving regulatory hurdles. He attributed this achievement to the efforts of officials including Ishaq Dar, Anita Anand, and High Commissioner Tarik Ali Khan.
In education and innovation, CPBC has facilitated partnerships like the one between NED University and Toronto Metropolitan University, aiming to strengthen academic ties between the two countries. Canadian franchises such as Tim Hortons, Mary Brown's Chicken, and Second Cup have also found success in Pakistan, indicating a thriving market for Canadian brands.
Mr. Dossal concluded the event by stating that Canada and Pakistan are not merely exchanging goods but are working towards a shared economic future.