European Union (EU) is Pakistan’s largest export market, representing 34% of exports. EU is also Pakistan’s 3rd largest import partner. Whereas, in 2020, The EU is Pakistan’s second most important trading partner, accounting for 14.3% of Pakistan’s total trade and absorbing 28% of Pakistan’s exports. Pakistani exports to the EU are dominated by textiles and clothing, accounting for 75.2% of Pakistan’s total exports to the EU in 2020. Pakistan’s imports from the EU are mainly composed of machinery and transport equipment (33.5% in 2020) as well as chemicals (22.2% in 2020).
The economy of Pakistan is the 26th largest in terms of purchasing power parity(PPP), and 46th largest in terms of nominal gross domestic product. Pakistan has a population of over 220 million people (the world’s 5th-largest), giving it a GDP per capita(nominal) of $1,543 which ranks 181st, and giving it a GDP per capita(PPP) of $5,964 which ranks 174th in the world. Whereas, Pakistan’s Labor force by occupation is associated with Agriculture at 39.2%, Industry at 23.0%, and services at 37.8% (2018–19). The main industries of Pakistan are Textiles, Apparel, Food processing, Pharmaceutical, Surgical instruments, Construction materials, Sports, Leather manufacturers, Petroleum, Fertilizer, Paper products. Pakistan rank at 108th for Ease-of-doing-business with total exports are $25.630 billion (FY 2021), and total Imports are $53.785 billion (FY 2021).
Pakistan's export partners are: US 19.6%; China 8.0%; UK 8.0%; Germany 5.9%; UAE 5.8%; Netherlands4.4%; Afghanistan3.8% (2021). On the other hand, Pakistan's main imports are Petroleum, Agriculture and Other Chemicals, Machinery, Food, Fabric, Metal, Transport, and Plastic Materials. Pakistan's import partners are:
China 24.7%; UAE 12.9%; Singapore 5.8%; US 4.5%; Saudi Arabia 4.4%; Japan 2.8%; Indonesia 2.4% (2021) Pakistan's Foreign Debt is $122.3 billion (June 2021), while foreign reserves are $27.622 billion (Sep 2021).
Cyprus is also a European country because it became part of the European Union in May 2004. It is a leading business and financial center and is famous for tourism, transportation, consultation, communications, banking, insurance, and its rich culture and rich culture. Mesmerizing history. Cyprus is also keen on developing trade relations with Pakistan for the benefit of the people and economies of both countries. But Cyprus accounted for only 0.07% of total EU trade revenue from Pakistan. Pakistan's exports from Cyprus were US $ 3.33 Million by 2020, while Pakistan's Export to Cyprus was the US $ 5.83 Million by 2020.
Cyprus, 9,251 square miles [9,251 sq km], has a temperate Mediterranean climate. The population is over 1.1 million, making it one of the least populous countries in the European Union. The capital of the country is Nicosia, a densely populated city. The most important regions are Nicosia, Limassol and Larnaca. The largest airport is Larnaca International Airport (LCA) with more than 8.2 million passengers a year. Cypriot passport holders can enter a total of 177 locations — 16th in the world. The Cypriots are among the most prosperous people in the Mediterranean region, and the GDP per capita by 2021 exceeds $ 29,000 per capita and $ 42,000 on the basis of purchasing power equity. Cyprus is ranked 23rd in the world according to the Quality-of-life Index.
The Cyprus economy is a high-income economy as it is divided by the World Bank, and was included by the International Monetary Fund in its list of developed economies in 2001. Cyprus adopted the euro as its official currency on January 1, 2008, replacing the Cypriot. Pound per fixed exchange rate of CYP €0.585274 1 each. Cyprus has an open, free-market economy, resource-based, and low productivity. Internationally, Cyprus is developing its position as a bridge between East and West, as well as the number of educated English-speaking people, the average regional costs, good air connections, and communications. The services sector, including tourism, contributes about 80% of GDP and employs more than 70%. Industry and construction account for about one-fifth of GDP and labor, with agriculture accounting for 2.1% of GDP and 8.5% of labor. Trade is vital to the Cypriot economy - the island cannot afford to feed itself and until the recent discovery of offshore gas has few known natural resources - and trade shortages continue to grow. More than 50 percent of its trade exports to the European Union, mainly Greece and the United Kingdom, while the Middle East receives 20% of exports.
Tourism is a very important part of Cyprus's economy. The country has a variety of historical and ecological sites. There are 3 UNESCO World Heritage Sites. The nation has an estimated 3.9 million tourists every year and most come from the UK, Russia, and Israel. Cyprus has ratified double taxation in more than 40 countries, and, as a member of the Eurozone, has no exchange restrictions. Non-citizens and foreign investors may freely return the proceeds of the investment in Cyprus. Studies suggest that more than 100 trillion cubic feet (2.831 trillion cubic meters) of protected areas have never been used in the eastern Mediterranean - roughly equivalent to the use of natural gas annually in the world. Cyprus is one of the largest shipping centers in the world. Its geographical location at the crossroads of the three continents and its proximity to the Suez Canal encouraged the sending of merchants as an important industry for the island nation.
Although, Pakistan is a developing country, with a small industrial economy. As of May 2021, the Pakistani government has predicted that future growth rates will be 5%, which is one of the highest in South Asia. The developing world economy has led Moody’s Investors Service to develop Pakistan’s debt vision for stability. Pakistan's GDP on purchasing power exceeds $1trillion. By 2020, CPE C Phase 2 has begun, with new multi-billion dollar contracts. With advances in improving the quality of business and providing a roadmap ready for government investment, many new bullies in the automotive industry are considering entering the Pakistani car market. American oil and gas giant ExxonMobil has returned to Pakistan after a nearly 30-year gap and acquired a 25% stake in offshore drilling in May 2018, with the first study showing the potential for large hydrocarbon deposits on the coast. To boost Pakistan's foreign trade, Qatar has announced $3billion deposits and direct investment in the country.
Most Pakistanis, directly or indirectly, rely on the agricultural sector. It contributes about 19.2% of gross domestic product (GDP) and makes up 37.4% of the workforce employed by 2021 and is the largest source of foreign exchange earnings. Pakistan's industrial sector accounts for about 19.12% of GDP. Manufacturing is the largest industry in Pakistan, accounting for about 12.13% of GDP. The government creates units of large private "industries" and the public sector is causing a declining share of industrial production, and industrial production growth including the private sector has grown rapidly. Government policies aim to diversify the country's industrial base and strengthen export industries.
In Pakistan, SMEs contribute significantly to Pakistan's total GDP, according to SMED A reports and the Economic survey, the share in annual GDP is 40% the same as SMEs that generate significant job opportunities for skilled workers and entrepreneurs. The real estate sector has grown twenty-three times since 2001. From 2010 to 2020, EU purchases from Pakistan nearly doubled from €3,072 to €5,557 million. As a result of GSP +, more than 78% of Pakistani exports enter the EU at special rates. About 80% of the textile and clothing exports to the EU from Pakistan enter the EU through a special tax rate. Pakistani imports are showing rapid growth due to increased economic activity as part of China's Pakistan Economic Corridor (CPE C), especially in the energy sector.
Pakistan's tourism is said to be the next big thing in the tourism industry. Pakistan, with its diverse culture, people, and diversity, has attracted 90 million tourists to the country, almost twice as many as in the past decade. Currently, Pakistan is ranked 130th in the world for tourist funding. The Pakistani government has taken a dramatic step forward by announcing the Prime Minister's Youth Program to fight unemployment and better employment opportunities, economic growth, access to the skills needed to find a decent job, access to IT, and educating young graduates to advance. Opportunities to find productive work. The public sector also contributes to employment and statistically, 4.5 million people are employed by international, provincial, and local governments in various fields.
The construction sector is growing in Pakistan and Special Economic Zones (SEZ) established under the China-Pakistan Economic Corridor have provided attractive opportunities for local and foreign investors. Cypriot investors should explore investment opportunities in potential Pakistani sectors, including SEZ. Pakistan had large-high-quality marble and gravel warehouses, adding that the two countries should work together to share the latest technology to develop machinery and production of velvety marble products. Now, it is a good opportunity for Pakistan to export its building materials and many other products.
Cyprus also emerges as one of the most attractive overseas courses for Pakistani students due to post-graduate training and career opportunities. The institutions of higher learning in Cyprus offer a wide range of subjects including Medicine, Engineering, Construction, Law, Social Sciences, International Studies, IT, and Pharmacy, etc. of overseas standards in line with the American Credit System, which provides on-campus accommodation, an affordable education. Fees internationally recognized degree programs, and state-of-the-art archives for research and practical work. Some the top institutions include Cyprus College, European University Cyprus, University of Nicosia, University of Central Lancashire.
The Permanent Residency Permit of Cyprus is one of the fastest and most straightforward gold visa applications. It gives investors and their families the opportunity to obtain Permanent Residence Permits or PRP without going through the tedious process required to relocate. In addition, Investors can enjoy lower taxes in Cyprus, as well as their international double tax agreements. Cyprus offers good incentives to foreign investors, which also urged Pakistani investors to explore the Cypriot market for investment, providing a better place in Pakistan and developing similar business relationships.
The emphasis should be on promoting student exchange and improving interpersonal relationships in order to improve trade and economic relations between Pakistan and Cyprus. The Pakistani business community has also established strong business relationships with their Cypriot counterparts, including businessmen. However, there was a lack of awareness in the Pakistani and Cyprus business community about the opportunities in Cyprus and Pakistan. There is a need to encourage the exchange of trade and education delegates to consider all possible areas of cooperation.
Cyprus is offering good incentives to foreign investors, which also urged the Pakistani investors to explore more the market of Cyprus for investment, which provided good scope to Pakistan and for promoting mutual business relations.
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