Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is set to enhance trade and economic relations with Rwanda, focusing on facilitating investments, joint ventures, and direct business links. This initiative, led by FPCCI Vice President Mr. Aman Paracha, aims to capitalize on Rwanda’s burgeoning market potential and strengthen bilateral trade, currently valued at $80 million.

According to Federation of Pakistan Chambers of Commerce and Industry, Mr. Paracha has held productive discussions with H.E. Mr. Naeemu Ullah Khan, the Pakistani ambassador to Rwanda, outlining a comprehensive approach to boost economic engagement. These talks have culminated in proposals for a Preferential Trade Agreement (PTA), which Mr. Paracha believes should evolve into a Free Trade Agreement (FTA) to fully unlock Rwanda’s market for Pakistani exporters in diverse sectors such as textiles, leather, and IT services.

Highlighting the significant opportunities in the Rwandan market, Mr. Paracha noted that Pakistan imports $600 million worth of tea annually, positioning the country as one of the top five tea importers globally. He emphasized the potential for sourcing tea from Rwanda to optimize costs and conserve foreign exchange reserves. Moreover, Ambassador Khan compared Rwanda’s market potential to that of Singapore in Africa, suggesting it as a lucrative destination for Pakistani businesses.

Ambassador Khan also highlighted the operational ease for Pakistani importers in Rwanda, including visa-free entry and advanced banking standards, albeit with higher interest rates which pose challenges for financial transactions. He advocated for improved banking relations to facilitate trade financing and urged the President of FPCCI to lead a high-level delegation to Rwanda to explore further commercial possibilities and establish direct trade links.