A delegation of Canada Pakistan Business Council (CPBC) visited Pakistan Stock Exchange (PSX) to open the trading session with the gong ceremony. CPBC, a non-profit organization based in Canada promotes trade between Canada and Pakistan. The Council has organized several trade missions to and from Canada, which have resulted in investments in various sectors of the economy. CPBC also promotes other activities that include establishing scholarships and adopting schools in Pakistan, helping establish the South Asian Art Gallery at the Royal Ontario Museum, and supporting cultural exchanges between Canada and Pakistan.
The Canadian delegation was led by Samir Dossal, President of CPBC and Dr. Reza Moridi, former Minister of Ontario for Research, Science & Innovation. The delegation consisted of 15 members along with Ms. Margaux McDonald, Senior Trade Commissioner, High Commission of Canada in Pakistan. The PSX team comprised of the Managing Director, Richard Morin, Board Member, Shehzad Chamdia and other senior members of PSX management.
Samir Dossal thanked PSX team for inviting him and his delegation for the ceremony. He said, “a trade between Canada and Pakistan was previously US$400 million, which has recently grown to US$1.5 billion. But it is still less and we are here to explore possibilities for enhancing trade and investment manifold.” He added that appointment of Ms. Margaux McDonald as Senior Trade Commissioner of Canada in Pakistan was an indication of how serious Canada was in increasing trade relations with Pakistan.
Talking to the audience after striking the gong, Dr. Reza Moridi said, “apart from business, Canada and Pakistan have great potential in terms of exchange of science and technology”. On Canada and Pakistan’s trade potential, he added, “to be realistic, I think we can increase this bilateral trade of US$1.4 billion to US$5 billion easily in the next maybe three or four years.”
After the gong ceremony, an informal meeting took place between PSX team and Canadian delegation. In the meeting, matters relating to Pakistan economics, investment environment, capital market and trade relations between Canada and Pakistan were discussed.
Discussing capital market investment opportunities, Richard Morin explained and identified options for Canadian investment advisors who want to offer Pakistan listed equities to their clients. He also highlighted that there was a US listed Pakistan ETF.
The Canadian delegation agreed that Pakistan is an untapped market in terms of resources such as gold, copper, and nickel. Furthermore, there are opportunities for oil & gas exploration in the country. The delegates and PSX team opined that it would be very productive if Pakistani and Canadian governments and private sectors explore possibilities of joint ventures in mining and exploration of natural resources.
Both the Pakistani team and the Canadian delegation agreed that under the able leadership of Prime Minister Imran Khan, Pakistan is on the right path to attract greater foreign investment and better trade relations internationally. They added that Pakistan and Canada can work together to improve the economy and business/industrial sector of Pakistan.
Concluding the meeting, Richard Morin and PSX team thanked the Canadian delegation for their visit. Morin expressed hopes of further economic cooperation between Canada and Pakistan on trade and business fronts. He was confident that the fruitful efforts of CPBC would open new vistas for the development and progress of Pakistan’s economy, while providing for greater trade benefits and cooperation for Canadian businesses and industries.