ISLAMABAD - Pakistan and Oman on Tuesday expressed optimism about the future of bilateral trade and investment, underscoring the need for continued dialogue and cooperation to fully realize the economic potential of their relationship. Federal Minister for Commerce Jam Kamal Khan highlighted the significant potential for enhancing bilateral trade between Pakistan and Oman during a meeting with a high-level Omani delegation led by Ms Ibtisam Al Farouji.
The minister warmly welcomed the delegation and underscored the historical ties and economic opportunities between the two nations. Jam Kamal Khan stated that the Ministry of Commerce is in the process of opening a new trade mission in Oman, which will ultimately enhance trade relations between the two countries. The minister invited Omani investment in both bilateral and trilateral modes and assured full cooperation and facilitation in this regard.
He informed the Omani delegation about Pakistan’s strong sectors, such as IT, sports, renewables, and fruits, and highlighted incentives for investment, including cheap labor, port handling, and logistics. The Ministry of Commerce has launched a new policy, “Middle East Reconnect,” to strengthen trade relations with Middle Eastern countries, including Oman. Ms Ibtisam Al Farouji, head of the Omani delegation, agreed that there is substantial potential for trade enhancement between the two countries, particularly in steel, renewable energy, and the pharmaceutical industry.
She invited Pakistani investments in Oman’s manufacturing sector, offering incentives such as cheap gas and raw materials. She also showed interest in acquiring raw materials from Pakistan, due to close proximity and low logistics costs, especially in iron ore, fruits, and vegetables. She also informed the minister that she had a couple of meetings with the Chamber of Commerce and would hold sectoral business meetings tomorrow in Islamabad. Both sides expressed optimism about the future of bilateral trade and investment, underscoring the need for continued dialogue and cooperation to fully realize the economic potential of their relationship.
Meanwhile, in a significant move to bolster the local automotive industry, Federal Minister for Commerce Jam Kamal Khan assured members of the Pakistan Automotive Manufacturers Association (PAMA) of his support in addressing their pressing concerns. During a meeting on Tuesday, Jam emphasized the government’s commitment to enhancing the local manufacturing sector, which he believes is crucial for increasing the country’s exports and local industrialization. PAMA members identified serious concerns and issues faced by them. Minister Jam Kamal expressed his intention to personally visit truck manufacturers. “If our trucks meet international standards, it is imperative that we support our local industry,” he stated, highlighting the potential for domestic manufacturers to contribute significantly to Pakistan’s export growth.
“The special incentives for imports will destroy local manufacturers,” Waheed warned, urging Minister Khan to intervene and support policies that build confidence in the local industry. He stressed the importance of a long-term policy framework that would favor local production and ensure the sustainability of domestic manufacturers. This meeting comes at a time when the Pakistani automotive sector is witnessing significant growth.