Somalia Wants Bilateral Trade Agreements With Pakistan

Ambassador of Somalia to Pakistan Sheikh Noor Muhammad Hassan Thursday expressed keen interest in signing bilateral agreements with Pakistan to enhance mutual trade

LAHORE, (UrduPoint / Pakistan Point News - 6th Feb, 2025) Ambassador of Somalia to Pakistan Sheikh Noor Muhammad Hassan Thursday expressed keen interest in signing bilateral agreements with Pakistan to enhance mutual trade.

He was speaking at the Lahore Chamber of Commerce & Industry where LCCI Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former Senior Vice President Zafar Mahmood Chaudhry and Executive Committee Members Amir Ali, Ahsan Shahid, Shaban Akhtar, Munib Muno, Ehtesham-ul-Haq, Karamat Ali and Aamir Saeed Mian also spoke on the occasion.

The Ambassador said that Somalia and Pakistan have strong historical relations which have been in place since 1960 and continue to strengthen which must be reflected in mutual trade and economic ties. He said that there is immense potential for increasing trade between the two countries. He added that many Somali students are pursuing education in Pakistan. He sought the internship opportunities for Somali students.

Sheikh Noor Muhammad Hassan said that all sectors of economy in Somalia are open for Pakistani investors. He said that exchange of trade delegations can help strengthen the mutual trade and economic relations.

LCCI Senior Vice President Engineer Khalid Usman welcomed the Somalian Ambassador and highlighted the historical diplomatic relations between the two countries, which date back to 1960. He stated that Pakistan and Somalia share strong trade ties, with Pakistan extending defense cooperation to Somalia for many years. He further emphasized that Somalia, being an eastern African country with a long coastline along the Indian Ocean, offers a strategic advantage for trade, making it an essential market for Pakistan.

He noted that Pakistan has been focusing on expanding its trade footprint in Africa under the "Look Africa" and "Engage Africa" policies. LCCI remains committed to facilitating government-to-government and private sector collaborations to strengthen economic relations with Africa.

Highlighting trade statistics, Engineer Khalid Usman shared that bilateral trade between Pakistan and Somalia has been witnessing a positive trend. According to the State Bank of Pakistan, trade between the two countries reached US $72 million in 2023-24, with Pakistan’s exports amounting to US $ 70.

7 million and imports from Somalia standing at USD $ 1.4 million. In the first six months of the current fiscal year, Pakistan’s exports to Somalia totaled at US $ 32.4 million. Key export items from Pakistan to Somalia include rice, cement, sugar confectionery, pharmaceuticals, bakery items, corn and fruit juices. Additionally, Pakistan has the capability to meet Somalia’s demand for home appliances, electrical items, motorbikes, apparel and plastic products.

The Senior Vice President also underscored the strong educational ties between the two nations, with thousands of Somali students pursuing higher education in Pakistan in fields such as engineering, medical sciences, computer science and management studies. He stressed the need to further enhance this cooperation by facilitating Somali students with more educational and internship opportunities.

LCCI Vice President Shahid Nazir Chaudhry emphasized the importance of strengthening institutional linkages between LCCI and the Embassy of Somalia to explore untapped trade and investment opportunities. He proposed measures such as improving banking channels, organizing trade delegations and holding single-country exhibitions on a reciprocal basis to open new avenues for business collaboration. He also expressed LCCI’s willingness to establish strong connections with leading chambers of commerce in Somalia to facilitate business-to-business interactions.

The meeting concluded with a commitment from both sides to work together towards fostering greater trade and economic partnerships between Pakistan and Somalia.

Former Senior Vice President Zafar Mahmood Chaudhry stated that Pakistan shares close ties with African countries. The Lahore Chamber celebrates Africa Show and Africa Day, which will also be observed this year. Pakistan is exporting defense equipment, textiles, pharmaceuticals, and other products to Africa. There is significant potential to increase exports from Pakistan to Somalia. Somalia should enhance its imports of cement from Pakistan. Additionally, there is ample room for collaboration in medical education and business tourism between the two nations.