ISLAMABAD - Pakistan and Czech Republic have trade and economic cooperation in various fields, which could be further strengthened to its true potential by improving investment and business relations between two countries.

Ambassador of Czech Republic in Pakistan Miroslav Krenek made these remarks during a meeting with Zafar Bakhtawari, President Islamabad Chamber of Commerce & Industry (ICCI). He said that direct interaction between the business communities of both countries would enable them to better understand and realize the opportunities and prospects for cooperation in various fields.

The Ambassador also informed the meeting about Export Bank of Czech Republic which is supporting Czech exports as its principal goal is not to generate maximum profits, but a maximum volume of state-supported export. He said that the strong point of the Czech Republic is particularly the production of technologically sophisticated goods, such as communication devices, electronic products and a wide range of private and public vehicles.

He acknowledged the fact that both the countries had greater potential in the field of defense production which needed to be explored for the mutual benefits of the two sides. The Ambassador further said that cooperation should also be increased in the area of military training and exchange of military delegations.

In his welcome address, Zafar Bakhtawari said that today Pakistan’s major issue was energy deficit as our economy was facing huge setbacks because of energy crisis, therefore our country needs Czech Republic technical assistance and investment in energy sector. He said that it is very encouraging that Sindh Government has signed a MoU with WIKOV Wind A.S, a Czech Republic company for the power generation of 50MW at coastal belt of the province.

ICCI President has shown interest in signing MoU with Prague Chamber of Commerce and Industry aimed at promoting trade and commerce between the two countries, so that in long-run both the chambers could exchange information on economic and commercial matters and identify possible joint venture partners in their respective countries.

Bakhtawari termed the annual trade volume between Pakistan and Czech Republic very low and said that both the countries should take steps to boost up bilateral trade relations through more frequent exchange of visits by business delegations and setting up of joint ventures. ICCI president also informed the Ambassador that ICCI has planned to host a meeting of all the Capital Chambers Conference in Islamabad with the aim to promote mutually beneficial relations between Pakistan and other countries.