During the 10th EXPO Pakistan which was appeared to be a success, Pakistani companies and exporters were assured of $1 billion business deals according to the Federal Secretary of Ministry of Commerce Muhammad Younus Dagha.
One of the largest deals which were finalized for the export of towels during the 4-day mega event. The EXPO was attended by more than 700 foreign delegates from 70 different countries—Secretary told Business Recorder.
There were more than 5000 B2B business meetings were organized during the event, the event was concluded on Sunday at the Karachi EXPO Center, “data gathered from various businessmen and sources indicate that around $1 billion initial business deals were negotiated and could be finalized in the next coming months.
The deals would help to increase the overall volume of the exports in the country which is on the continuous decline for the last few years. Recently, according to the PBS statistics, Pakistan’s trade deficit was widened during the first quarter of the current fiscal year 2017-18. The total trade deficit was jumped to $12.1 billion as compared to the corresponding period first quarter of the financial year 2016-17 which was recorded $9.2 billion.
Increasing imports and decreasing exports further widens the trade deficit which would be controlled with these deals—said Dagha. The 10th EXPO Pakistan also provided an opportunity to the foreign investors to invest in Pakistan focusing on sectors such as; Infrastructure, water management, automobiles, logistics, renewable energy, shipping and some others, certain deals in these sectors were also negotiated.
Besides, Trade Development and Authority Pakistan (TDAP) officials said a MoU was signed between Pakistan Gems and Jewelry exporters and Bahraini business enterprise. Another MoU was signed between Lahore Chamber of Commerce and Australian Chamber of Commerce & Industry. Along with that, another MoU was signed between FPCCI and Hong Kong Chamber of Commerce & Industry. One joint venture is also expected to be initiated in the coming months—TDAP officials added.
Apart from this, ten companies from Sri Lanka had set up their country pavilion during the event, Pakistan—American Chamber of Commerce also participated in the event for the promotion of their exhibitions to be held in Los Angeles event in September 2018.