Pakistan, Africa set $15bn trade target

Pakistan and several African countries have renewed their commitment to significantly expand bilateral trade, setting a target of $15 billion by 2030 while seeking to broaden economic cooperation and strengthen commercial ties.

The commitment was reaffirmed at the launch ceremony of the Pakistan-Africa Economic Council (PAEC) held in Islamabad, where officials and diplomatic representatives discussed ways to unlock new opportunities in trade and investment between Pakistan and African markets.

Participants stressed the need to diversify existing economic relations and make greater use of the untapped resources and business potential available on both sides. They called for stronger cooperation in areas capable of increasing investment, expanding exports and creating new avenues for private-sector partnerships.

The ceremony was attended by ambassadors, high commissioners and consuls general representing a number of African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia.

Speakers highlighted several sectors in Pakistan that could offer considerable trade and investment opportunities in African countries. They emphasised the importance of identifying areas of mutual interest and building stronger commercial links to help businesses from both regions access new markets.

Federal Minister for Defence Production Muhammad Raza Hayat Harraj said the newly established forum could play an important role in strengthening Pakistan’s economic and trade relations with African countries. He expressed confidence that greater engagement through the council would help promote cooperation and open up additional opportunities for businesses.

Khyber Pakhtunkhwa Governor Faisal Karim Kundi also highlighted the growing economic potential of the African continent. He said Africa has a promising future, while Pakistan’s emerging economy also has significant room for growth.

He noted that the combination of a rising Africa and an emerging Pakistan presents substantial potential for stronger economic partnerships, increased investment and expanded trade.

The launch of PAEC marks an effort to provide a platform for closer engagement between Pakistan and African countries and to support the long-term goal of increasing bilateral trade to $15 billion by 2030.