DID Press: Pakistan and African countries have set a target of increasing bilateral trade to $15 billion by 2030 and expanding private-sector cooperation at the inauguration of the Pakistan-Africa Economic Council.
Diplomats from several countries, including Rwanda, Morocco, Kenya and Ethiopia, attended the meeting. Participants highlighted Pakistan’s capabilities in agriculture, textiles, pharmaceuticals, mining and information technology, stressing the need to tap into Africa’s market of 1.5 billion people.
Raza Hayat, Pakistan’s Minister for Defence Production, described the launch of the council as an economic milestone. Hamid Asghar Khan, the council’s acting head, described Africa as a “sleeping giant” of the global economy and said Pakistan’s information technology exports, currently valued at $2.7 billion, could more than double through greater access to African markets.
According to official figures, Pakistan’s total trade with African countries stands at around $4.85 billion. Of this, $2.24 billion consists of Pakistani exports, including rice, textile products and pharmaceuticals, while $2.61 billion comprises imports such as coal, tea and oil.
Kenya, South Africa, Nigeria, Morocco and Tanzania are among Pakistan’s major trading partners in Africa.