PBF paves the way for stronger trade ties with Kazakhstan

LAHORE, FEB 01 (DNA): Chairman of Pakistan Business Forum (PBF) South Punjab, Malik Sohail Talat met with the Honory Consul General of Kazakhstan, Rao Khalid yesterday at the Kazakhstan Consulate House on the invitation of the Consul General of Kazakhstan to discuss the growing potential for increased trade between Pakistan and Kazakhstan, especially in sectors such as agriculture and cotton production.

Talat Suhail said Kazakhstan has long been recognized as one of the leading producers of high-quality cotton in Central Asia due to its favorable climate and agricultural practices, the country produces a significant quantity of cotton, which is among the best in the region. Given the proximity of Kazakhstan to Pakistan, both countries are in a unique position to foster stronger trade relationships, especially in sectors like textiles and agriculture. As Kazakhstan’s cotton industry could provide an ideal solution to Pakistan’s ongoing challenges in cotton production, particularly given that Pakistan’s own cotton production has faced setbacks in recent years.

He said Pakistan has historically been one of the largest cotton producers in the world. However, due to various factors such as climate change, water scarcity, and outdated farming practices, the country’s cotton production has decreased significantly. This shortfall has led to a heavy reliance on importing cotton to meet the needs of Pakistan’s large textile industry. To fill the gap, cotton is imported from various countries like Australia, the United States, and Brazil. However, this method presents several challenges, including high shipping costs and lengthy shipping times, which impact the overall cost-effectiveness and efficiency of the supply chain.

During the meeting, both sides also discussed how both countries could collaborate to improve and expand trade relations. Both parties emphasized the importance of fostering a strong, long-term partnership, included the establishment of a joint research and development team to focus on cotton seeds.

Both sides further agreed that there are numerous sectors with untapped potential for trade, including construction, infrastructure, and technology. Pakistan’s growing textile industry, which is one of the largest in the world, can benefit from a closer partnership with Kazakhstan, both in terms of raw materials like cotton and in terms of technology and knowledge-sharing.

Consul General of Kazakhstan said for Kazakhstan, expanding its exports to Pakistan would not only boost its economic ties with Pakistan but also open up new markets in South Asia, which is one of the most dynamic economic regions in the world. Moreover, both countries agreed on the importance of regular trade missions, business forums, and continued high-level engagements to ensure the agreements reached during this meeting are implemented effectively.

It was also agreed that PBF will lead the high-level delegation to Kazakhstan, and further sign MoU which will pave the way for deeper economic collaboration.