Pakistan’s economic outreach to the Gulf

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Pakistan’s current economic interaction with the Gulf Co-operation Council (GCC) member states is far below its real potential. If trade is taken as a barometer, the balance of trade is heavily tilted against Pakistan. Total annual exports close to five billion dollars plus are nowhere near true potential. 

Pakistani manpower working in these countries does to some extent fill the gap between imports and exports through remittances. But these remittances cannot be taken as a permanent factor. Instead, there are some untapped, underutilized areas that can be relied upon to correct the imbalance and make economic interaction fruitful for both sides. New avenues have to be explored.

The government of Pakistan has started a well- planned economic outreach campaign in the GCC countries focusing on transitioning from a relationship based on financial aid and labor export to one centered on investment, trade and strategic partnerships. The Special Investment Facilitation Council (SIFC), created to fast track investments from friendly nations, has identified 28 major projects for Gulf investors focusing on mining, energy, agriculture, information technology and construction. The Pakistan-GC Free Trade Agreement is in its final stages of negotiations and will give a much required boost for........

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