Pakistan and Canada have expressed the commitment to expanding trade and investment relations through a new Foreign Investment Promotion and Protection agreement.

This came at delegation level talks between the two countries at the foreign office in Islamabad today. Deputy Prime Minister Ishaq Dar represented Pakistan while the Canadian delegation by Foreign Minister Anita Anand.

Later in a joint press stakeout, the Canadian Foreign Minister said this modern investment framework to be completed at the earliest possible date will promote businesses in both the countries with greater predictability and confidence to grow.

The Deputy Prime Minister said Pakistan welcomes Canadian investment in priority sectors including education, energy, mining and critical minerals, agriculture, infrastructure and Information Technology.  He invited the Canadian companies to explore emerging opportunities in Pakistan.

He said our discussion also covered cooperation in the areas of education, labour mobility, consular matters, science and technology, climate change and people to people exchanges.

Ishaq Dar said both the counties enjoy longstanding and multifaceted relations underpinned by historical linkages, people to people contacts and a vibrant Pakistani diaspora in Canada.

The Deputy Prime Minister said the two sides have reaffirmed their commitment to sustained engagement and agreed to build upon the momentum generated by this visit of Canadian Foreign Minister through enhanced institutional cooperation, regular bilateral consultations and greater interaction between relevant ministries and stakeholders.

He emphasized that economic cooperation remains the key priority in our bilateral relationship. He said the two sides discussed ways to further expand trade and investment ties including through greater facilitation of business to business linkages and enhanced engagement.

The Canadian Foreign Minister said her country sees opportunities to expand agri trade with Pakistan. She mentioned that Pakistan imported more than four hundred and seventy thousand tons of Canadian Canola during the last crop year. She said we also welcome the presence of more Pakistani products in Canada including rice, textiles and sporting goods.

The Canadian Foreign Minister said her country is interested in deepening cooperation in sectors that will contribute to future economic growth.  

Referring to collaboration in renewable energy, she said the Canadian Company JCM Power in collaboration with Karachi electric will soon begin development of 240 megawatt Dhabeji hybrid wind and solar project.  She said we also see potential for collaboration in mining and critical miners including through Barrick Gold's investment in Reko Diq project.

Anita Anand said Pakistan is an important partner for Canada in South Asia and beyond. She announced that Canada will invest more than 2.2 million dollars in three new security initiatives with Pakistan through Interpol and the UN among other organizations. She said these initiatives will support efforts related to border management, terrorism, financial crimes and providing training for law enforcement professionals.

The Canadian Foreign Minister also announced three new development assistance initiatives valued at forty five million dollars. She said these investments will support Pakistani communities in adapting to climate change, strengthening resilience, expanding access to education particularly for girls and improving reproductive health and family planning services. She said these initiatives will also assist communities continuing to recover from persisted flooding that Pakistan has experienced in recent years.

She said Pakistan is an important country in term of our trade diversification strategy.  She said both Pakistan and Canada have meaningful opportunities to strengthen their relations for the benefit of their peoples.

The Canadian Foreign Minister also acknowledged Pakistan's efforts in supporting dialogue aimed at sustainable and peaceful resolution to the regional tensions in the Middle East.

Deputy Prime Minister Ishaq Dar also hosted a banquet lunch in honour of Canada’s Minister of Foreign Affairs Anita Anand.

The banquet was attended by Federal Ministers and senior officials from both sides.