ISLAMABAD: Senior Vice President of the Islamabad Chamber of Commerce and Industry (ICCI), Faad Waheed said on Wednesday that Pakistan should focus on promoting trade and exports with the EU market, particularly with Lithuania, which has a very important economy among EU countries.
He stated that Lithuania’s annual imports exceed USD 30 billion, and that Pakistan has a good opportunity to export many products to Lithuania, such as pharmaceuticals, electrical equipment, plastics, and articles.
During his visit to the Islamabad Chamber of Commerce and Industry, he expressed these views to Ricardas Degutis, the Lithuanian Ambassador based in Turkiye. Deputy Head of Mission Vaida Stankeviciene and Masud Khan, Honorary Consul General of Lithuania in Pakistan, were also present.
According to Faad Waheed, Pakistan and Lithuania have a lot of potential to collaborate in agriculture, science and technology, information technology, the industrial sector, and other fields to share expertise and achieve mutually beneficial outcomes.
He stated that many sectors of Pakistan’s economy, including oil and gas, mines and minerals, energy, and automobiles, offer excellent opportunities for foreign investment and urged Lithuanian investors to explore investment and joint ventures in Pakistan.
He urged Lithuania to open an embassy in Pakistan, which would help the two countries’ trade and economic relations.
Lithuania exports wide range of products
Speaking at the event, Ricardas Degutis, Ambassador of Lithuania, stated that bilateral trade between Lithuania and Pakistan is quite low, which can be improved by promoting business links between both countries’ private sectors.
He stated that Lithuania exports a wide range of products, including machinery, furniture, bedding and mattresses, mineral fuels and oils, electrical machinery, vehicles, and miscellaneous chemical products, many of which are suitable for export to Pakistan.
He stated that Lithuania is now investing more in life sciences, providing an excellent opportunity for collaboration with Pakistan. He stated that Lithuania intends to hold a Life Sciences Conference in September of this year and has invited Pakistan professionals to attend.
Engineer Muhammad Azhar ul Islam Zafar, Vice President of ICCI, emphasized the importance of regular trade delegation exchanges between Pakistan and Lithuania to explore new areas of mutual cooperation.
Masud Khan, Honorary Consul General of Lithuania in Pakistan, and others spoke at the event and shared useful ideas for strengthening Pakistan-Lithuania trade and economic relations.
