UBG calls to explore Africa’s vast economic potential

KARACHI: United Business Group (UBG) leaders have stressed the urgent need to explore Africa’s vast economic potential through aggressive and targeted marketing strategies.

Africa, the world’s second-largest continent, comprises 54 sovereign states, with a combined GDP of approximately US$2.9 trillion and an import market exceeding US$600 billion. Despite Pakistan’s cordial diplomatic ties with many African nations, its trade footprint remains minimal.

UBG leaders Zubair Tufail, Momin Ali Malik, Khalid Tawab, Hanif Gohar, Malik Khuda Bakhsh and Mazhar Ali Nasir noted that Pakistan’s current exports to the African region stand at only US$1.66 billion, which is disproportionately low compared to India’s exports of over US$30 billion. A major obstacle cited is the lack of confidence stemming from weak banking channels and limited trade facilitation.

They highlighted that Pakistan holds strong export potential in traditional sectors such as rice, mangoes, sports goods, surgical instruments, pharmaceuticals, leather, dairy products, fresh fruits and vegetables, and textiles.

President UBG Zubair Tufail proposed that Pakistan should dispatch fact-finding missions to key African markets to assess and explore sustainable trade opportunities. They urged the government to fully leverage Pakistani embassies and trade missions in the region for this purpose.

They also recommended that Pakistani missions in Africa establish in-house display centres to showcase exportable Pakistani products. This would help raise awareness and facilitate business linkages with local importers.

Further elaborating on Africa’s diverse economic landscape, they emphasized that the continent offers varied markets with different quality requirements and lower regulatory barriers, especially in terms of Sanitary and Phyto-Sanitary (SPS) measures and technical certifications.

They pointed out that a significant portion of Africa’s population is Muslim, presenting a unique opportunity for Pakistan to position itself as a leading supplier of Halal-certified products, given the global shortage of Halal goods.

Finally, they identified Kenya, Mauritius, Ghana, South Africa, and Morocco as strategic gateways to the African continent due to their geographic location and trade infrastructure.

The leaders called on the government to improve banking and trade facilitation measures to support exporters in accessing this high-potential but largely untapped market.