KARACHI, October 30, 2024 – Pakistan and the Maldives are stepping up their efforts to strengthen economic ties as discussions suggest potential joint working groups focusing on key sectors such as tourism, trade, and investment.
During a recent meeting between Pakistan’s High Commissioner to the Maldives, Faisal Rasul Lodhi, and Karachi Chamber of Commerce & Industry (KCCI) officials, the need to boost trade—which currently hovers between US$8 and US$9 million—was underscored. Lodhi emphasized the opportunities for growth, particularly with the Maldives’ growing import needs.
‘It’s discouraging to note the low trade volume,’ Lodhi remarked. ‘The current environment is favorable for strengthening ties, as the current Maldivian government is quite pro-Pakistani.’ His comments reflect optimism about the future of economic collaboration, especially as both nations prepare to establish framework agreements aimed at improving mutual trade relations.
The importance of enhancing the operational scope of trade relations was echoed by Senior Vice President of KCCI, Zia ul Arfeen, who welcomed the High Commissioner to discuss viable strategies to also diversify Pakistani exports. Arfeen pointed out advantages, including Pakistan’s rich mineral resources and suitable coastal areas for agricultural initiatives like palm oil cultivation, which could reduce the Maldives’ reliance on imports from countries like Sri Lanka and Bangladesh.
‘Pakistan is well-positioned to supply high-quality goods at competitive prices,’ remarked Lodhi, who noted the logistical challenges posed by the distance between the two countries. He encouraged the exploration of Free Trade Agreements (FTA) to mitigate transportation costs. By streamlining trade operations, Pakistan could position itself as a significant supplier to the Maldives, which largely imports various necessities.
The proposal to develop joint working groups on tourism, trade, labor, investment, and aviation was well-received during the discussions with Pakistani officials, highlighting the serious commitment both nations have to enhancing bilateral ties. Official representation from the Maldivian government is expected as early as next year to take these plans forward.
Reflecting on the meeting's outcomes, Minister for Economic Affairs, Ahad Cheema, elaborated on the potential sectors for collaboration. He proposed initiatives to boost industries related to Halal meat, agriculture, and surgical instruments, aligning with the Maldives’ import needs.
High Commissioner Lodhi’s visit marks what could be the beginning of significant economic adjustments between these nations. He expressed readiness to work closely with businesses and government sectors to discover mutual benefits and optimize existing trade frameworks. Lodhi promised continuous communication with Pakistani stakeholders, stating, ‘Together, we can work toward establishing more rewarding situations.’
Both leaders recognized the mutual benefits of reinforcing connections at the people-to-people level to support long-lasting economic partnerships. They discussed plans for joint trade delegations and participating in exhibitions, believing such cooperation is foundational for future endeavors.
The backdrop of this renewed focus on trade occurs amid broader global challenges like climate change, to which both countries can address viable solutions through collaboration. Initiatives around climate-proof infrastructure and sustainable tourism practices could offer pathways to resilient economic partnerships.
‘Climate change has brought significant vulnerabilities to economies,’ said Arfeen. ‘Both nations can learn from one another’s strategies for adaptation.’ This sentiment captures the essence of not just enhancing trade, but creating lasting systems of support amid changing global dynamics. With joint efforts, there is potential not only for economic growth but also for addressing challenges related to resource utilization and environmental sustainability.
