Spanish Envoy says CPEC’s promising development in Pakistan caught interest of many foreign investors

LAHORE: Pakistan and Spain are enjoying cordial relations and trade ties between the two countries are growing, however, further efforts are needed to enhance the bilateral trade volume in various sectors, said Spanish Ambassador Manuel Duran Gimenez-Rico.

In a meeting with All Pakistan Business Forum (APBF) President Syed Maaz Mahmood on Friday, the envoy said Spain accorded great importance to Pakistan in trade ties and offered it equal opportunity for capturing European markets.

“Pakistani businessmen should showcase the potential of their products before the outside world, which will help in attracting more investment and promoting trade,” he said. “The China-Pakistan Economic Corridor (CPEC) is a highly positive development as it has generated a lot of interest among foreign investors.”

The ambassador urged both countries to focus on diversification in order to improve trade and identify more potential areas of mutual cooperation.

He requested the APBF president to visit Spain with a sector-specific business delegation and assured him of full support of the embassy.

The ambassador was of the view that business-to-business meetings and exchange of trade delegations were very important for strengthening trade ties between the two nations.

Speaking at the meeting, APBF President Mahmood highlighted that trade between Pakistan and Spain was confined to just a few goods. Major exports of Pakistan to Spain comprised textile products while main imports of Pakistan from Spain consisted of various kinds of machinery and parts and chemical material and products.

Mahmood stressed the need for focusing on various other areas in a bid to improve bilateral trade. He called for frequent exchange of trade delegations and organising single-country exhibitions to promote trade and economic relations.

“Agreements for economic cooperation should be signed in order to forge business linkages between private sectors of the two countries,” he said.

Mahmood shared the APBF’s plan of collaborating with the Pakistan embassy in Spain to identify opportunities for Pakistani products in the Spanish market.