China, Pakistan can further strengthen economic connectivity, says Senator Mushahid Hussain

BEIJING, Sep 15 (APP): The Annual Meeting of China-Pakistan Business Council to promote economic and trade relations between Pakistan and China was held at China’s south-western city Chengdu on Wednesday.

Featured opportunities, connectivity, and cooperation, the meeting gathers bilateral diplomats and commercial personnel. Representatives engaged in China-Pakistan Economic Corridor (CPEC) also participated online.

As the only all-weather strategic partner of China, Pakistan’s promising investment prospects are highlighted.

“Pakistani government has made remarkable efforts to promote economic development and create a sound environment for attracting foreign direct investments. Pakistan is geared with confidence to continue its journey towards economic prosperity by becoming one of the most attractive investment destinations for the smart investors.”

Mian Nasser Hyatt Maggo, President of Pakistan Chambers of Commerce and Industry (FPCCI) in his speech introduced the unique advantages of Pakistan in industries, agriculture, livestock, etc.

In particular, he proposed that the two countries should sign a broad-based beef export agreement, carry out cooperation in managing and qualifying beef products, and set up milk processing plants for local consumption and export.

Zhang Yi, Deputy Secretary-General of China Chamber of International Commerce (CCOIC) recognized the progress and significant role of the China-Pakistan Economic Corridor in promoting regional economy and connectivity. She confirms that China would continue to open its door even wider to provide broader space for international investors, China Economic Net (CEN) reported.

She proposed that regional connectivity and infrastructure such as ports, roads, railways, plants, etc. should be further enhanced and that China is willing to share the experience. In addition, the digital economy is stressed under the global context of the Covid-19 pandemic. E-commerce is encouraged in the speech as part of the joint effort to build a Digital Silk Road.

Thirdly, in the irreversible trend of globalisation, CCOIC expressed the willingness to build more business platforms, providing commercial meditation and facilitating investment.

Mushahid Hussain Sayed, Head of Defense and National Security Committee, Senate stressed the pivotal position of Pakistan in the region. Echoing the theme of the meeting, he anticipates further economic connectivity and integration between the two countries. He also appreciates China’s peaceful rise and assistance to Pakistan against the pandemic. On a personal note, he shared that he had been vaccinated with Sinopharm vaccines.

Li Yong, Economic and Commercial Counselor of Embassy of the People’s Republic of China in Pakistan, focuses on the contributions of trade organizations as bridges connecting bilateral enterprises. Despite the global pandemic, Pakistan’s export to China surged by 17.5% in 2020, and the trend is continuing. In the first seven months of 2021, Pakistan’s exports to China reached nearly $2 billion, up nearly 80 percent year on year.

Entering high-quality development, CEPC will bring more jobs tax revenue, and exports through industrial synergy, promote agricultural modernisation, production, security, and processing capability. Thus, the two countries can build a closer community of shared future.

Badar U Zaman, Commercial Counselor of Embassy of the Islamic Republic of Pakistan in China, introduced the favorable business environment in Pakistan enriched by offline and online activities.

In particular, the electric vehicle (EV) and mobile manufacturing are prioritised in government policies facilitate Chinese investors.

He also hopes that Chinese enterprises in the high-tech and high-end engineering sectors can see the potential in the Pakistani market.

Representatives of CPEC Authority, China Three Gorges Company, King & Wood Mallesons, and MCC Tongsin Resources also attended the annual event and recommended the investment opportunities presented by CPEC.