FAISALABAD-Spain is anxious to promote bilateral trade between the two countries, especially to tape the existing enormous potential for investment in alternative energy resources and Tourism in Pakistan, said Spanish Ambassador Javier Carbajosa Sanchez while addressing the members of Faisalabad Chamber of Commerce and Industry (FCCI) here on Tuesday.

The ambassador claimed that Spain was the second largest economy in Western Europe and the fifth largest in Europe. Spain is a developed country with the 14th largest economy in the world. He said that Spain being one of the world’s leading countries in the development and production of Renewable Energy, world leader in solar power and wind energy can help Pakistan to overcome its energy crisis and technology transfer. Similarly, Spanish companies can materialize their cooperation in the telecommunication sector of Pakistan as well,” he detailed.

Javier Carbajosa pointed that greater potential was available in the tourism sector in Pakistan which could be further promoted through the development of road and rail infrastructure. He suggested that both the countries should launch joint ventures in energy, infrastructure and agro-based sectors. The Spanish envoy pledged that he would motivate Spanish companies engaged in the infrastructure development, energy and agriculture for investment in Pakistan.

He said that he would endeavour for Memorandum of Understanding to be signed between FCCI and Chambers of Commerce in Madrid and Barcelona for direct business to business contacts and linkage. He maintained that Spain was the 14th largest economy in the world and 11th foreign direct investment country in the world. He said that Spain was the pioneer in Europe for installation of Wind Energy plant and possesses great expertise for transfer of technology.

Javier Carbajosa declared that Pakistan was rich in natural resources and should improve its positive image in the international comity. He said that the things were not as bad as portrayed. To overcome the two problems as energy and security, Pakistan can improve its economic strength much high. Earlier in his welcome address, FCCI President Engr Suhail Bin Rashid said that Spain was Pakistan’s important trading partner. In fiscal year 2012 bilateral trade stood at $611.77 million in favour of Pakistan. Pakistan exported $512.58 million worth of goods to Spain while imports stood at U$ 285.93 million.

The FCCI head said a trade analysis showed that there was greater potential available for enhancing bilateral trade between Pakistan and Spain where EU accounts for 60% of Spain’s imports. Some growth in the past few years has been observed but a lot of journey is ahead. Pakistan has only 0.2% share in Spain’s imports of $ 325.84 billion from world in 2012. Similarly, Spain has also minimal share of 0.1% in Pakistan’s imports for the year 2012.

He said that owing to these potentials and political relations as far back as 50 years, bilateral trade can grow to manifold between the two countries. Spain can help for positive image of Pakistan in the world community and also urge Spanish investors to invest in Pakistan.

FCCI Senior Vice President Ms. Ayla Majid, Riazul Haq, Vice President Ch Muhammad Asghar, Azhar Majid Sheikh, Naveed Gulzar, Inam Afzal Khan, Abdul Qayyum Sheikh, former FCCI president Khurram Bin Rashid and Salman Aslam shared their views on the occasion.