Pakistan and Maldives agree to raise bilateral trade to $200 million

ISLAMABAD: Prime Minister Shehbaz Sharif has said that Maldivian President Dr Mohamed Muizzu is a sincere friend of Pakistan and that his visit will prove a turning point in strengthening relations between the two brotherly countries.

He expressed the hope that the visit would be a game changer for promoting bilateral trade, investment and economic cooperation.

Pakistan and the Maldives have set a target of raising bilateral trade to $200 million over the next two years. The two countries have also agreed to start steps to establish direct air links.

Addressing the Pakistan-Maldives Business Forum, the prime minister said there were wide opportunities to increase economic cooperation between the two countries. He said these now needed to be turned into solid, practical projects.

Trade target and delegation

The prime minister said bilateral trade currently stood at about $13 million. He said both countries had agreed to take it to $200 million in the next two years. Achieving the target would require extra effort, effective planning and close contact with the business community.

Shehbaz Sharif announced that a delegation of traders and businesspeople from Pakistan would be sent to the Maldives. Relevant federal ministers and government officials would also be part of it. The aim is to promote direct contacts between business circles, identify barriers to trade and find new investment opportunities.

Direct flights

The prime minister described the lack of direct flights between Pakistan and the Maldives as a major problem in promoting trade and people-to-people contacts. He directed the Aviation Division to prepare a feasibility study for launching direct flights immediately.

In his address, Maldivian President Dr Mohamed Muizzu said a new era of economic cooperation should begin between the two countries. He said the Maldives’ national airline intended to establish air links between Malé and Karachi soon.

The Maldivian president invited Pakistani construction and engineering companies to invest in the Maldives’ development projects. He added that Pakistan and the Maldives could also increase cooperation in Islamic finance and halal products.

The statements of the prime minister and the Maldivian president show that both countries want to turn their traditional brotherly ties into a practical economic partnership. Effective implementation of these steps will now determine the pace of economic cooperation and future partnership between the two countries.