FLASHNEWS:

Pakistan, Maldives Urged to Boost Low Trade Volume Amid Strategic Opportunities

Karachi: Pakistan’s High Commissioner to the Maldives, Faisal Rasul Lodhi, emphasized the need for expanding trade between Pakistan and the Maldives, currently valued at around $8 to $9 million, by tapping into new business opportunities and fostering cooperation. Lodhi underscored the strategic timing for Pakistan to strengthen its ties with the Maldives, particularly as the Maldivian government holds a favorable stance towards Pakistan.

According to Karachi Chamber of Commerce and Industry (KCCI), Lodhi made these remarks during a meeting at KCCI attended by key members, including Senior Vice President Zia ul Arfeen and Vice President Faisal Khalil Ahmed. Commending KCCI’s efforts, Lodhi stated that he views the chamber’s insights as a “to-do list” for enhancing trade, identifying areas for collaboration to build trade and investment ties.

While acknowledging that the Maldives primarily relies on tourism and fisheries, Lodhi pointed out that nearly all consumer goods are imported, presenting a viable market for Pakistani exports, currently supplied by countries like Sri Lanka, Bangladesh, and Thailand. To address logistical challenges due to the geographic distance between Pakistan and the Maldives, Lodhi suggested exploring a Free Trade Agreement and offering high-quality goods at competitive prices to effectively compete in the Maldivian market.

The High Commissioner pledged support for fostering B2B, B2G, and G2G interactions to strengthen trade ties. “We have a lot of potential. I will continue to work closely with you, and I am just a call away. Together, we can work towards establishing a more rewarding situation,” he said.

KCCI’s Senior Vice President Zia ul Arfeen, welcoming Lodhi, echoed the need to enhance the low level of bilateral trade, noting the opportunities for diversification. Arfeen proposed that Pakistan’s coastal region, suitable for palm oil cultivation, could benefit from Maldivian expertise, potentially reducing Pakistan’s import costs. Arfeen also highlighted Pakistan’s abundant mineral resources, including coal, rock salt, and copper, which could support the Maldives’ import needs for mineral fuels and oils, strengthening bilateral trade in these sectors.

Arfeen further recommended expanding people-to-people connections, exchanging trade delegations, and participating in trade exhibitions to facilitate economic integration. He also suggested a joint approach to climate adaptation and renewable energy, encouraging eco-friendly tourism and climate-resilient investments to reduce the carbon footprint and support economic resilience between the two nations.