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Spain Industry sees bright prospects of joint ventures

Cites energy, pharma and food as potential areas for cooperation. PHOTO: FILE

Cites energy, pharma and food as potential areas for cooperation. PHOTO: FILE

LAHORE: Spain and Pakistan have a lot to offer each other’s businessmen and the two sides should come up with a new strategy to initiate joint ventures in the areas of common interest, suggests Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad.

“Being an emerging economy, Pakistan has a lot of opportunities for foreign investors in the fields of energy, leather, textile, tourism, food products, infrastructure, agro-based products, livestock and other sectors,” he said while talking to a five-member Spanish delegation.

He, however, pointed out that trade and economic ties between the two countries had remained insignificant despite the potential to take two-way commerce to new heights.

Seeing a great scope of cooperation and joint ventures, Arshad cited the areas of pharmaceutical products, electrical appliances, food items, engineering goods, agro-based products, mineral and mineral-based products and power generation where prospects were very bright.

“Spain has the technology to construct dams besides being the biggest user of renewable energy; both countries could join hands for the transfer of technology in these sectors,” he suggested.

Saying that Spain was famous for its well-developed tourism industry, he stressed that Pakistan had also abundant historical as well as natural sites that needed to be developed. “We would like to share Spanish expertise in this field and welcome joint ventures.”

Arshad said the agro-based economy of Pakistan did not have the technology to preserve excess agricultural produce and the expertise of Spain’s agro-based industrial sector would be welcome.

Members of the Spanish delegation underscored the dire need of institutionalised relationship between the two countries and pointed out that the chambers of commerce in Spain and Pakistan could play a vital role in the promotion of trade ties.

They said the rapid economic growth in Pakistan was attracting the attention of Spanish SME sector and both countries should take advantage of each other’s expertise.

They invited LCCI office-bearers to bring a business delegation to Spain so the Pakistani business class could assess the trade and investment avenues there.

Published in The Express Tribune, October 7th, 2015.

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