ISLAMABAD - Pakistan has great economic potential and Denmark wants to help it in energy and many other sectors to take bilateral trade and economic relations to further higher levels, said Jesper Moller Sorensen, Ambassador of Denmark.

Talking to the business community at Islamabad Chamber of Commerce and Industry (ICCI), he said he has come to have an interaction with business community to further deepen and expand existing trade & economic relations between the two countries.

He said Denmark is very strong in wind energy and understands the crucial role of energy for Pakistan’s industry and economy. Denmark anticipates lot of investment in coming years in Pakistan’s energy sector and many of its energy companies want to develop partnerships with Pakistani counterparts to make investment for reducing its energy problems. He said Danish companies have much to offer to Pakistan, especially in areas of renewable energy, life sciences, energy efficiency, food processing, clean technology, agro industry machinery, healthcare, education, youth development, women empowerment and many other areas.

He was of the view that Denmark has advanced technology while Pakistan has good quality and affordable manpower with huge consumers market. Thus both countries should work together to develop close collaboration and complement each other in potential areas of mutual cooperation. Pakistan should give at least 10 strong reasons to invest in its economy so that he could convince more Danish investors to explore Pakistan for investment, he added. The Ambassador said he has got permission from his government to open a Commercial Section in Denmark Embassy that would focus on promoting trade and commercial relations between the two countries. He said Denmark plans to extend and expand its support to Pakistan through a new five years program commencing in the autumn of 2013 with a total budget of around USD 50 million with focus on reconstruction, rehabilitation, education and the social-economic development of Pakistan.

In his welcome address, Zafar Bakhtawari, President ICCI, said that immediate need of Pakistani industry is sustainable energy while Denmark is a leader in wind energy and it should help Pakistan in overcoming its energy shortage. He said the current volume of bilateral trade of just USD 250 million is quite insufficient as compared to existing potential and private sectors of both countries should be encouraged to develop close contacts to explore new avenues of improving trade relations.

He said both countries have good potential to cooperate in pharmaceutical sector and demanded that Denmark pharmaceutical companies should set up manufacturing plants in Pakistan to produce pharma products.

It will also help Denmark to get better share of exports in South Asian region.

He said Pakistan is the 5th largest milk producer and Denmark should share its advanced technology with Pakistan to produce value added dairy products. He assured that ICCI would continue to work with Danish Embassy to explore ways and means to further expand and diversify the mutually beneficial relations with particular focus on enhancing trade and investment.