News
Official Itinerary for the Visit of Executive Members
of the Slovakia-Pakistan Chamber of Commerce to Pakistan
Date: 25th – 28th November 2024
Duration: 4 Days
Location: Karachi, Pakistan
Purpose of Visit:
The upcoming meetings between the executive members of the Slovakia-Pakistan Chamber of Commerce and key stakeholders in Pakistan aim to finalize formal steps towards initiating the Chamber of Commerce's activities. The focus will be on establishing official cooperation through the signing of a Memorandum of Cooperation.
This partnership will foster trade relations, investment opportunities, and economic growth between the two nations. The meetings are expected to lay the foundation for long-term cooperation, reinforcing trade ties and opening avenues for collaborative projects in various sectors.
Day 1: 25th November 2024
Meeting with Mr. Syed Murad Ali Shah, Chief Minister of Sindh
Time: 2:00 P.M
Venue: Sindh Chief Minister House
Meeting with Mr. Imran Samad, President & CEO of Sindh Bank Limited
Time: 04:00 P.M
Venue: Sindh Bank Headquarters, Karachi
Day 2: 26th November 2024
Meeting with Mr. Rehmat Ali Hasnie, President & CEO of National Bank of Pakistan (NBP)
Time: 11:30 A.M
Venue: NBP Head Office, Karachi
• Meeting with Federation of Pakistan Chambers of Commerce & Industry (FPCCI)
Time: 03:00 P.M
Venue: FPCCI Headoffice
Day 3: 27th November 2024
Dinner at the Residence of Mr. Khawaja Abdul Ghani Majid
Time: 08:00 P.M
Venue: Private Residence of Mr. Khawaja Abdul Ghani Majid
Day 4: 28th November 2024
Meeting in Omni Group (Head Office) on the discussion / conclusion of the visit and further strategy to be decided.
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1. Purpose of the meetings
The main objective of the forthcoming meetings between the Pakistan and Slovak Chambers of Commerce is to complete the formal steps towards the launch of the Pakistan Chamber of Commerce with special emphasis on establishing official cooperation. A Memorandum of Cooperation will be drafted and signed to formalize this partnership and ensure continued cooperation in promoting trade relations, investment opportunities and economic growth.
2. Overview of current export-import activities
The focal point of the negotiations is a detailed analysis of the current trade activities between Pakistan and Slovakia as well as Pakistan's overall trade with Europe. The following key points summarise trade relations based on the latest available data from 2022 to the present:
- Pakistan-Slovakia trade:
o Pakistan's exports to Slovakia include textiles, apparel, leather products, and sporting goods. In 2023, the value of exports from Pakistan to Slovakia was approximately US$45 million (Source: Pakistan Trade Office, 2023).
o Imports from Slovakia to Pakistan consist mainly of machinery, automotive parts, chemicals and industrial equipment and will reach approximately USD 25 million in 2023 (Source: Ministry of Economy, 2023).
o The overall trade balance is in favour of Pakistan, with exports growing steadily due to the increasing demand for Pakistani textiles and leather products in Slovakia (Source: Economic Report, 2023, Pakistan-Slovakia Trade Relations).
- Trade between Pakistan and the European Union (EU):
o The European Union is one of Pakistan's largest trading partners. In 2023, Pakistan's total exports to the EU were worth $8.6 billion, with garments, textiles, leather products and agricultural products among the key export items (Source: EU Trade Report, 2023).
o Imports from the EU to Pakistan in 2023 were worth $6.5 billion and consisted mainly of machinery, chemicals, pharmaceuticals and transport equipment (Source: Pakistan-EU Trade Statistics, 2023).
o Pakistan enjoys Generalised System of Preferences Plus (GSP+) status, which gives it preferential access to the European market, and this has been a driver of Pakistan's export growth (Source: EU-Pakistan Trade Cooperation, GSP+ Benefits Report).
Growth trajectory:
o From 2022 to the present, Pakistan's trade with Europe, including Slovakia, has recorded an annual growth of 4%. Demand for renewable energy projects, sustainable goods and digital products is growing, offering further opportunities for expansion (Source: European Business Council Report, 2023).
This overview will provide background to the meetings and allow both sides to identify strengths, gaps and potential areas to deepen trade ties.
3. Exploring possibilities for future cooperation
The meetings will provide an opportunity for both sides to engage in in-depth discussions on potential areas for future cooperation. Emphasis will be placed on identifying key sectors, including goods, trade, projects and renewable energy initiatives that hold significant promise for cooperation. Particular emphasis will be placed on exploring opportunities for sustainable development projects and bilateral trade agreements that can strengthen economic relations between the two countries.
4. Cooperation with key officials and stakeholders
During the visit to Pakistan, meetings and discussions will be held with key government officials and industry leaders. The aim is to establish high-level contacts, identify areas of common interest and facilitate formal agreements. The following key meetings will take place:
- Chief Minister of Pakistan: Discussion on regional economic development and cooperation in various sectors.
- President of the National Bank of Pakistan (NBP): Review of financial instruments and banking partnerships to promote bilateral trade.
- President, Bank of Sindh: Discussing investment and banking relations to promote cross-border trade.
- Pakistan Chamber of Commerce: Formal discussions on strengthening the role of the Chamber in developing bilateral trade relations.
- Investment Council: Identification of potential investment opportunities and negotiation of modalities to promote FDI between the two countries.
5. Potential of Slovak Chamber of Commerce members from Pakistan
Another key agenda item is the discussion and identification of potential Slovak Chamber of Commerce members from Pakistan. These members will play a vital role in promoting mutual trade and investment activities. The finalisation of members will take place during the visit, ensuring that the Chamber is represented by influential and relevant stakeholders from the Pakistani business community.
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Conclusion
These meetings will lay the foundations for long-term cooperation between Pakistan and Slovakia, strengthen trade ties and open up opportunities for joint projects in various sectors. The formal signing of the Memorandum of Cooperation will mark the official launch of this strategic partnership.