Karachi: Pakistan and South Africa should strengthen trade and investment ties to unlock business opportunities across Africa and Central and West Asia, Federal Minister for the Board of Investment Qaisar Ahmed Sheikh said on Tuesday.
Addressing the first Africa Diplomatic and Economic Conference, organized by the Pakistan SADC Chamber Trade Federation (PSCTF), Sheikh said the two countries could serve as gateways to major regional markets, offering significant potential for exporters and investors.
South Africa provides access to African markets with a population of about 1.2 billion, while Pakistan is strategically positioned to connect businesses with Central and West Asian economies, including landlocked countries in the region, he said.
Qaisar Sheikh said Pakistan had considerable economic potential and expressed confidence that the country could become a member of the Group of 20 major economies within the next decade.
Drawing on his experience as a businessman and former head of a chamber of commerce and industry, the minister stressed the importance of strengthening the private sector and attracting foreign investment to support economic growth.
He cited overseas investment by expatriate communities as an important contributor to economic development, pointing to the role of overseas Chinese in China’s economy.
Many Pakistanis have established successful businesses in South Africa, he said, adding that they could help promote investment in Pakistan and facilitate commercial links with other African countries.
The government is working to facilitate foreign investors through the Special Investment Facilitation Council (SIFC), Sheikh said.
He also identified opportunities for Pakistani exporters in South Africa, particularly in the automotive parts sector, saying greater access to the market could benefit businesses and strengthen bilateral trade.
Recalling his visit to South Africa last year, the minister said he had observed significant business potential and opportunities for cooperation between the two countries.
Sheikh said his visits to countries including the United Kingdom, the United States and Saudi Arabia had reinforced the importance of foreign investment in building economic strength.
The conference brought together government officials, business representatives and diplomats to discuss trade, investment and economic cooperation between Pakistan and African countries.
Those attending included Director General of the Ministry of Foreign Affairs Irfan Soomro, SIFC Secretary Jameel Ahmed Soomro and CEO Trade Development Authority of Pakistan (TDAP) Faiz Ahmed.
Diplomats from South Africa, Mauritius, Rwanda, Somalia, Sudan, Zimbabwe, Mozambique, Ethiopia and Côte d’Ivoire were also present.