LAHORE - Pakistani textiles, textile made-ups, pharmaceuticals, rice, fruits, surgical goods, sports goods have a huge potential in Ukraine therefore Pakistani businessmen should avail opportunities in these areas.

This was stated by Ambassador-designate to Ukraine Maj Gen (r) Wajahat Ali Muftee while speaking at the Lahore Chamber of Commerce and Industry on Thursday. LCCI Vice President Mian Abuzar Shad presented address of welcome while Executive Committee member Mian Zahid Javaid, former EC members Rehmatulla Javed, Dr Shahid Raza and Shahzad Azam Khan also spoke on the occasion.

Ambassador-designate said that both Pakistan and Ukraine have very strong credentials to give new strengthens to their respective economies but lack of information about each other’s potentials is coming in the way and there is a need to bridge this gap.

The Ambassador said that agriculture and dairy sectors also have bright prospects for cooperation between the two countries. The Ambassador, who spent well over an hour at the Lahore Chamber of Commerce and Industry, said that the Pakistan embassy in Ukraine would extend every possible cooperation for single country exhibition and for exchange of business delegations.

He said that the worth of Ukrainian textile market is more than $7 billion but Pakistan has a very small share that could be increased with a little sector-specific effort.

Speaking on the occasion, LCCI Vice President Mian Abuzar Shad stressed the need for cooperation in energy, steel and technology. He said that Ukrainian engineering sector is another area where Pakistan can benefit from the processes and consequent product development.  He said that Pakistani businesses were specifically eyeing the prospects of transfer of technology. Likewise, opportunities exist in cooperation between the heavy industry establishments in Ukraine and the emerging engineering sector in Pakistan in the form of joint ventures with third country market in view.

The LCCI Vice President said that Ukraine is known for manufacturing top of the line turbines in the world. These turbines are available in wide range. Pakistan is facing acute energy crisis and we are in pursuit of utilizing all the available options of generating electricity ranging from hydro, thermal and gas so that can be one area of economic cooperation.  In the domain of natural resources, Ukraine is home to metals and alloys which are being utilized in the engineering and other sectors of the manufacturing activity. There is a need to explore that area for a mutually beneficial matchmaking.

The LCCI Vice President also called for devising ways to update the information crucial for trade and investment.

He said that Pakistan and Ukraine bilateral relations witnessed accelerated growth of bilateral relations with a number of important agreements signed as well as ratified between the two governments.

These include Agreement on Avoidance of Double Taxation, Agreement on Trade and Economic Cooperation, Agreement on Establishment of Pakistan-Ukraine Joint Inter-Ministerial Commission and Agreement on Establishment of Pakistan Ukraine Business Council (PUBC) between FPCCI and UCCI.

He said that Pakistani business community regards bolstering economic ties with Ukrainian economy on a long-term basis as an important step. For that matter, there have also been exchanges of business delegations in the past.