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Web Desk – In a significant step to strengthen trade and economic relations, Bangladesh has simplified its visa process for Pakistani nationals. The initiative aims to encourage collaboration and enhance economic activities between the two countries.
Streamlined Visa Procedure
During a session at the Lahore Chamber of Commerce & Industry (LCCI) on Saturday, Bangladesh’s High Commissioner to Pakistan, Iqbal Hussain, announced that Bangladeshi authorities have removed the requirement for Dhaka’s clearance when issuing visas to Pakistani heads of missions. This move is expected to facilitate business travel and promote bilateral trade.
Untapped Trade Potential
High Commissioner Hussain highlighted the immense potential for trade and investment between Pakistan and Bangladesh, stating that current trade volumes do not reflect the opportunities available. With a population of over 180 million, Bangladesh represents a thriving consumer market that Pakistani businesses can tap into.
He emphasized that boosting trade ties must remain a top priority for both countries, calling for active collaboration between Bangladeshi authorities and the LCCI.
Regional Cooperation and Saarc Revival
The High Commissioner also advocated for greater regional collaboration, particularly through the revitalization of the South Asian Association for Regional Cooperation (Saarc). He underscored the importance of overcoming challenges faced by South Asia to enhance regional trade. Referring to the efforts of Dr. Mohammad Yunus, a key figure in Bangladesh’s interim government, Mr. Hussain called for stronger partnerships to foster economic growth across the region.
Trade Statistics and Future Goals
LCCI President Mian Abuzar Shad shared insights into the trade dynamics between Pakistan and Bangladesh. In the fiscal year 2023-24, the bilateral trade volume reached $718 million, with Pakistan exporting $661 million worth of goods to Bangladesh and importing $57 million in return.
The first five months of the 2024 fiscal year (July-November) showed promising growth, with Pakistan’s exports increasing to $314 million. However, imports from Bangladesh remained relatively low at $31 million.
President Shad emphasized the need to boost the trade volume to at least $2 billion shortly, urging both governments and the private sector to play proactive roles. Key sectors identified for collaboration include information technology, pharmaceuticals, rice, surgical instruments, processed foods, automotive parts, and sports goods.
Lessons from the Pandemic
Reflecting on the COVID-19 pandemic, the High Commissioner stressed the importance of international cooperation during crises. “It is essential to collaborate during challenging times to keep trade and economic activities flowing smoothly,” he remarked.
A Shared Responsibility
Concluding the session, Mr. Hussain and LCCI officials reaffirmed their commitment to creating opportunities for future generations by removing obstacles to mutual trade and fostering economic cooperation.
This development marks a positive step toward strengthening ties between Pakistan and Bangladesh, paving the way for robust economic partnerships and regional stability.
