Canada and Pakistan have potential to further grow their trade ties, said Canadian Deputy High Commissioner, Ms. Wendy Gilmour while expressing her optimism.
Her remarks were made during a visit to the Pakistan Stock Exchange (PSX) where she had the honor of ringing the bell to commence trading at the stock market.
Ms. Gilmour noted that Canada and Pakistan have strong trade relations that continue to expand. She highlighted the growing cooperation in the fields of services and agriculture, indicating a deepening economic engagement between the two nations.
Canada is directing its attention toward increased investment in various commodities and service sectors, reinforcing its commitment to the development of trade relations with Pakistan. This commitment signifies the importance of the partnership between the two countries and the mutual benefits that can be realized.
In response to Ms. Gilmour’s visit, Salman Mehdi, Chairman of the Pakistan Stock Exchange, acknowledged the challenging decisions that the government of Pakistan has made, particularly in the areas of interest rates and rupee devaluation. He expressed confidence that these measures will yield positive outcomes for the stock market in the upcoming supplementary budget, providing much-needed impetus for the sector.
Mehdi took the opportunity to provide an overview of the stock market’s recent performance, pointing out that in 2016, the PSX had exhibited strong performance. However, 2018 saw the PSX facing the challenge of being ranked among the worst-performing equity markets. This dip in performance can be attributed to political uncertainty in 2017, which had an adverse impact on market sentiment and stability.
Despite the recent challenges, Mehdi remained optimistic about the future of the stock market. He highlighted that the market has the potential to bounce back and perform better in the coming years, particularly with the potential incentives to be included in the upcoming mini-budget. These measures are anticipated to create a more favorable environment for investors and further strengthen the stock market’s position.
During her visit, Ms. Gilmour also had the opportunity to meet with Richard Morin, CEO of the Pakistan Stock Exchange, and engage with other members of the exchange. The discussions likely revolved around opportunities for collaboration, investment, and trade initiatives between Canada and Pakistan, reinforcing the strong bond between the two nations.
The sentiments expressed by Ms. Gilmour and Salman Mehdi underscore the importance of economic cooperation and trade ties between Canada and Pakistan. As global markets continue to evolve, fostering international trade relationships and expanding economic cooperation are crucial for the growth and development of both countries. By focusing on areas of mutual interest and pursuing opportunities for collaboration, Canada and Pakistan are positioning themselves to further enhance their trade ties and strengthen their economic partnership. This, in turn, holds the potential for greater prosperity and growth for both nations in the years to come.
