Iftikhar Ali Malik stresses Africa’s $4 trillion market as key for Pakistan’s sustainable development

ISLAMABAD (APP): SAARC Chamber of Commerce and Industries (SCCI) former President Iftikhar Ali Malik on Sunday stressed the need for fully exploiting the vast potential and investments in Africa, a 4$ trillion market, for sustainable socio-economic development of Pakistan.

Chairing a round table conference on ‘Vast Potentials of Africa and Pakistan’, he said recognizing Africa’s potential for exponential growth in the mining sector as a result of the global energy transition, he anticipated an influx of foreign investment within the continent which holds an estimated 30 percent of the planet’s mineral reserves.

He said, “Africa possesses an impressive range of minerals, particularly those vital to the energy transition,” according to a news release issued here.

He said, “We can not afford to sideline the continent that holds the key to many of the world’s most pressing challenges.”

He stressed the need to explore the significant opportunities that lie in harnessing the untapped potential of partnerships with African nations.

“As Pakistan seeks to diversify its economic and diplomatic relations, Africa presents a rich landscape for collaboration and mutual growth,” he added.

He said, “Africa, with its diverse economies, vast natural resources, and growing consumer markets, holds immense promise for trade, investment, and cooperation.”

He said by strategically engaging with African nations, Pakistan could tap into sectors such as agriculture, energy, infrastructure development, technology, and education.

Such partnerships would not only bolster our economic prospects but also strengthen diplomatic ties on the international stage, he added.

Iftikhar Ali Malik said, “By taking proactive steps to explore and exploit the vast potential of African partnerships, Pakistan can position itself as a progressive global player committed to mutual growth, peace, and prosperity.”

He said, “Visionary leadership can lead Pakistan toward a brighter future through strengthened ties with the African continent.”

He urged the government to consider formulating a comprehensive Africa policy that outlines the key objectives and strategies for collaboration with African nations.

This policy could prioritize sectors of mutual interest, encourage trade delegations and investment forums, and facilitate cultural exchanges, he added.

Another speaker Rameen Kashif recipient of the Best CEO award said initiatives aimed at knowledge exchange, capacity building, and cultural ties between Pakistan and African countries could foster a deeper understanding and friendship between our peoples.

Education and skills development programs could be established to empower African youth, leading to sustainable development, she added.