Pakistani Businessmen Urged to Tap into EU Market via Belgium

The Belgian Ambassador to Pakistan, Idesbald Vander Gracht, highlighted the significant potential for Pakistani businesses to expand their presence in the European market during a meeting with Mian Abuzar Shad, President of the Lahore Chamber of Commerce and Industry (LCCI). The meeting, attended by LCCI Executive Committee Members, focused on enhancing trade relations between Pakistan and Belgium, with the ambassador underscoring Belgium’s role as a gateway to Europe.

Ambassador Vander Gracht noted that Belgium has consistently supported Pakistan in securing GSP Plus status, which facilitates easier access for Pakistani exports to the EU. He emphasized the need for both countries to explore joint ventures, particularly in sectors like agriculture, textiles, and precious stones. He also advocated for increased student exchange programs to foster deeper ties.

The LCCI President acknowledged Belgium’s significance as a central hub for European politics and trade, especially with the Port of Antwerp being one of the largest in Europe. However, he pointed out a recent decline in bilateral trade volume, with Pakistan’s exports to Belgium falling from $701 million in 2022-23 to $556.9 million in 2023-24. Both leaders agreed on the necessity for joint efforts to elevate bilateral trade to multi-billion dollar levels.

In addition to traditional sectors, they discussed potential collaborations in energy, information technology, and renewable energy, highlighting Belgium’s expertise in green technology. The ambassador reiterated the importance of establishing more Business-to-Business (B2B) meetings and exhibitions to uncover untapped opportunities.

The LCCI President said that Belgium serves as an entry point for Pakistani goods into the European Union (EU) due to its central location in Europe and its role as a major EU trading hub. The Port of Antwerp, located in Belgium, is one of the largest ports in Europe and known as the Diamond Capital of the World. The location of port makes it a critical trade partner for Pakistan, by enabling it, to access various European markets more easily. He said that both countries have been steady trading partners as well but the last financial year saw a decline in bilateral trade volume. As per trade data sought from State Bank, Pakistan’s exports to Belgium decreased from 701 million dollars in 2022-23 to 556.9 million dollars in 2023-24 while our imports also decreased from 392.6 million dollars to 315.4 million dollars in the same period.

Mian Abuzar Shad added “This essentially means that our trade volume decreased from 1.09 Billion dollars in 2022-23 to 872.4 million dollars in 2023-24. You will agree with me that we need to make joint efforts to take the level of bilateral trade to at least multi-billion dollars.”