Bangladesh made the visa process for Pakistanis easier to make trade and economic relations between both countries better. This was said by Iqbal Hussain, the Bangladeshi High Commissioner to Pakistan, during a Saturday meeting with businessmen of the Lahore Chamber of Commerce and Industry, LCCI.
“Pakistani heads of missions do not need clearance from Dhaka anymore to get their visas,” he added.
Focus on Trade and Investment Growth
Mr. Hussain stressed that trade and investment were among the synergies between Pakistan and Bangladesh. He mentioned that it would require efforts by LCCI to reach this goal.
He also mentioned that the relationship between the two countries in the last decade had not been the way it was expected to be.
Untapped Trade Potential
Mr. Hussain emphasised how trade between Bangladesh and Pakistan, with a population of more than 180 million, is completely unused and suggested that it be put to good use by Pakistan.
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Call for Regional Cooperation
The High Commissioner underscored the need for regional cooperation and commended the efforts of Dr. Mohammad Yunus, chief adviser to the interim government of Bangladesh, for his role in advocating South Asian cooperation.
He encouraged the countries of South Asia to come together once again and revitalise the South Asian Association for Regional Cooperation (SAARC). He pointed out that, despite the advances made globally in regional cooperation, South Asia has quite a few challenges that demand collective solutions.
Responsibility to Build Opportunities
Mr. Hussain highlighted the fact that both governments need to provide opportunities to this new generation. Removing barriers to trade and cooperation is essential in this context. He further advised LCCI to play a pioneering role in strengthening business relations between Pakistan and Bangladesh.
Current Trade Data and Future Goals
The LCCI president, Mian Abuzar Shad, made known the trade statistics between both countries: The trade volume recorded between them in the year 2023-24 was $718 million in both their directions. Pakistan exported goods worth $661 million to Bangladesh, while imports stood at $57 million from Bangladesh.
In the first five months of the 2024 fiscal year, exports to Bangladesh rose to $314 million, with imports remaining low at $31 million.
Plans to Increase Trade Volume
Mr. Shad expressed a strong desire to increase two-way trade to $2 billion soon. He urged both governments and the private sector to take decisive steps to achieve this target. He suggested focusing on sectors like information technology, pharmaceuticals, rice, surgical instruments, processed foods, automotive parts, and sports goods.
This simplified visa process marks a positive step toward stronger ties between Pakistan and Bangladesh. With mutual efforts, both countries can unlock significant trade potential and strengthen regional cooperation.
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