Trade with Africa cannot be ignored, says Pak-Africa Business Forum

By Nasima Khan
ISLAMABAD: The Pak-Africa Business Forum (PABF) has emphasized the significance of prioritizing trade with Africa, citing the vast opportunities and potential that the continent offers. With 54 countries and abundant raw materials, Africa presents an attractive market for companies seeking new consumers and talent.
Omar Shahid Butt, President of PABF, highlighted Africa’s impressive economic potential, stating that the continent boasts a combined GDP of three trillion dollars and a landmass larger than China, the US, and the EU combined. Additionally, Africa’s population of 1.2 billion is projected to double in the next three decades, opening up numerous opportunities for businesses from Pakistan.
The pharmaceutical sector in Pakistan stands to benefit significantly from engaging with Africa. Currently, there are only 375 pharmaceutical companies across the entire continent, indicating a vast untapped market for Pakistani pharmaceutical products.
Furthermore, the demand for Pakistani rice in Africa, particularly IRRI-6 (broken rice) grown mainly in Sindh, presents an excellent opportunity for rice exporters. West Africa, in particular, has a constant demand for this essential commodity.
In addition to pharmaceuticals and rice, Africa’s need for agricultural machinery creates another avenue for Pakistan to explore potential trade opportunities.
Gwadar port, strategically located in Pakistan, can serve as an important gateway for trade with Africa. By increasing trade with Africa, Pakistan can make better use of Gwadar’s potential rather than solely relying on trade with Middle Eastern countries.
The potential for two-way trade is also highlighted, as Pakistan can import various goods from Africa at competitive prices, helping to alleviate high inflation and benefitting the general public.
To fully capitalize on the opportunities presented by the African market, the PABF calls for a focused approach and the full implementation of the ‘Look Africa Policy.’
In conclusion, the PABF urges businesses and policymakers to recognize and prioritize the immense potential of trade with Africa, as it promises mutual economic growth and development for both regions.