Finland and Pakistan to boost bilateral trade: What it means for the country?

In an effort to boost bilateral trade, Hannu Ripatti, the Ambassador of Finland to Pakistan, on Tuesday met with Federal Commerce Minister Jam Kamal Khan. During the meeting, they discussed strategies aimed at bolstering economic ties with new areas for mutual benefit.

Pakistan Minister Khan renewed Islamabad’s commitment to a stronger economic partnership with Finland. He also called for sparking latent sectors, including education, information technology, textiles, healthcare, construction, and social development. “There is huge trade potential through enhanced coordination with our Finnish counterparts,” Khan said.

Another significant factor is the “Pakistan National Compliance Council (NCC),” whereby local products conform to international quality standards. According to Khan, NCC works to upgrade the export competitiveness of Pakistani exports in the world market.

Finland and Pakistan to boost bilateral trade: How will Pakistan contribute?

Ambassador Ripatti appreciated the efforts done and commented on the enormous value of Pakistan’s skilful workforce. He appreciated Pakistani engineers and technicians as highly valued assets, and they would be able to meet the anticipated global demands. Ripatti also challenged Finnish industries to utilize Pakistan’s cost-effective, skilled professionals to fortify Finland’s economy.

The ambassador pointed to Finland’s contributions to Pakistan’s education sector, especially through technical training of university students. This cooperation benefits Finnish enterprises and has a double effect in giving Pakistani youth skills that could be applied elsewhere across the world.

They also discussed the possibility of having a Finnish government delegation visit Pakistan, which will aid in making future agreements more resilient as well as enhance investments. Khan welcomed Finnish businesses to invest in Pakistan and added that the country’s labour was cheap but highly trained.

The ambassador formally requested Minister Khan to attend the upcoming Finland-Pakistan Business Forum in Karachi. This forum would discuss potential joint ventures and investment opportunities between the businesses of both countries.

Optimism was reflected by both sides, as they shared the vision of a strong economic relationship through the growth of emerging sectors and taking long-term partnerships forward.