ISLAMABAD: Pakistan and Belarus on Monday signed eight memorandums of understanding (MoUs) and agreements in various sectors to realise the true potential of bilateral trade.
The MoUs and agreements were signed during the Pakistan-Belarus Business Forum, co-chaired by Commerce Minister Jam Kamal and Belarus’ Minister of Energy Aleksei Kushnarenko. The MoUs were signed before Belarus’s president’s arrival in Islamabad.
Both ministers witnessed the signing of these documents, which are expected to pave the way for deeper economic ties. The MoUs will involve a five-year collaboration arrangement between JCS Bellakt and Nutrifood & Pharmaceuticals and a product supply agreement between JSC Minsk Motor Plant and Shahzad Trade Links in 2025.
JSC Belshina and Shahzad Trade Links agreed to sell tyres in the Pakistani market, as did JSC BelVitunipharm and Mustafa Brothers. Logistics collaboration will be established between RUE Beltamozh service and the National Logistic Corporation.
RUE Belmedpreparaty and Bio-Medical System signed a memorandum of understanding for pharmacy registration and supply and a metal supply deal between JSC Beltsvetmet and Raas International Trading in 2025. JSC Tractor Works and Green Corporate Initiative will cooperate on agricultural machinery.
Pakistan’s exports to Belarus fell 10.23pc to $1.798 million in FY24 compared to $2.005m the preceding year. However, imports from Belarus surged 393pc to $27.637m in FY24, up from $5.601m the previous year.
Speaking at the business forum, Mr Kamal said there is a need for trade diversification, emphasising the untapped potential in sectors such as food, pharma, textiles, logistics, and energy.
He highlighted that the bilateral trade volume needs to reflect the economic capabilities of the two countries. He stressed the need to diversify trade, capitalising on the potential of respective strong sectors.
Mr Kamal said all economic sectors are open to foreign investment and priority areas include energy, infrastructure, telecommunications, manufacturing, minerals, ICT, agriculture, and many more.
The minister said that eight B2B MoUs/contracts reflect the complementarity of bilateral trade and will pave the way for more to happen.
Speaking at the forum, Aleksei Kushnarenko said events of this format were an effective platform for direct dialogue between the business circles of Belarus and Pakistan.
He said that Belarusian agricultural machinery, industrial, petrochemical, and dairy products are in demand in the Pakistani market, and light industrial goods and food products supplied from Pakistan are in demand in Belarus.
Published in Dawn, November 26th, 2024
