Brunei keen on enhancing trade ties (The Express Tribune (Pakistan))

High Commissioner of Brunei Darussalam Dato Mahmud Saidin has expressed his interest in enhancing business-to-business contacts with Pakistan.

The official, during his visit to the Lahore Chamber of Commerce and Industry (LCCI), said Pakistan and Brunei Darussalam would have to make joint efforts to strengthen their economic ties as, despite having excellent relations, volume of bilateral trade remained low.

“Investors from Brunei would certainly like to take benefit of the huge potential available in Pakistan.” He said Pakistani entrepreneurs should initiate joint ventures with their counterparts in Brunei Darussalam in various sectors.

According to Saidin, the exchange of trade delegations between the two countries would help boost the volume of bilateral trade and the LCCI should arrange a visit as early as possible.

LCCI President Ijaz A Mumtaz, in his address, said Pakistan and Brunei Darussalam are members of the Organisation of Islamic Cooperation (OIC) and maintaining cordial diplomatic relations based on historical affiliation. However, the bilateral trade figures hardly reflect the relations.

“The total worth of Pakistan exports to Brunei in 2013 was a mere $0.4 million that increased to $0.7 million in 2014.”

Mumtaz said Pakistan is a producer of high quality textiles items, surgical goods, sports goods, leather products, carpets and rugs and Brunei Darussalam should consider importing such commodities from Pakistan.

He proposed an active collaboration among the chambers of both countries and stressed on the need to initiate a consultative process for enhancing bilateral trade and investment.

Published in The Express Tribune, August 29th, 2015.

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