Argentine companies asked to take advantage of lucrative investment opportunities in Pakistan.

ISLAMABAD -- Minister for Commerce Syed Naveed Qamar Tuesday invited the Argentine companies to take advantage of the lucrative investment opportunities in Pakistan, especially, in Special Economic Zones established under China-Pakistan Economic Corridor Project (CPEC).

The minister, who is also the President of Parliamentarians for Global Action met with Ms. Cecilia Todesca Bocco, the Vice Minister and Secretary of International Economic Relations, Ministry of Foreign Affairs, International Trade and Worship, Argentina.

The meeting was held at the historic San Martin Palace in Buenos Aires during the minister's official visit to Argentina to participate in the 43rd Annual Forum of Parliamentarians for Global Action (PGA).

The minister was accompanied by the Ambassador of Pakistan Dr Muhammad Khalid Ejaz and Jameel Ahmed Baloch, the Trade and Investment Counsellor of Pakistan in Argentina, said a press release.

Naveed Qamar urged the Argentine exporters to utilize Gwadar Port as transit and transshipment hub for export of the agricultural produce to Western China, Afghanistan and Central Asia being the shortest route.

Regarding Pakistan-Argentina bilateral trade, the minister informed that Pakistan-Argentina bilateral trade, despite COVID-19 pandemic witnessed promising growth in financial year 2021-22 increasing to $ 253 million from $191.56 million in the previous year.

Pakistan's exports to Argentina registered a growth of 48%, whereas, Argentina's imports grew by 28.75%. He however, emphasized that the current level of bilateral trade is not commensurate with the potential the two country have.

The minister also urged the Argentina side to support Pakistan's efforts for starting the negotiations on Pakistan's request for a preferential trade agreement with Mercosur as the framework agreement was signed in 2006, however, not much headway has made so far.

The Commerce Minister gave an overview of the Pakistan's economic recovery after the pandemic and informed the Argentine side about the fiscal and tariff reforms undertaken by the Government of Pakistan. He specially mentioned the ease of doing business reforms undertaken by the Pakistan to improve business environment in the...