Pakistan’s Ambassador Haque briefs FPCCI on economic diplomacy

BEIJING, March 17 (APP): Pakistani Ambassador to China Moin-ul-Haque briefed the leadership of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Pakistan’s economic diplomacy in China, which had achieved tangible results despite the unprecedented COVID-19 pandemic.

He said that the positive outcomes included the 18 percent year-over-year increase in Pakistan’s exports to China in 2020; both sides agreed to mutually find new ways and avenues to increase Pakistan’s trade with China.

Ambassador Haque stated that China is the largest investment country for Pakistan with a large FDI value each year. While many investors have intention on Pakistani market like medical production, oil refinery, cement and so on. And many sectors have advantages for potential profit margin.

He said that growth rate of bilateral trade between the two countries’ major products, textiles, seafood, and agriculture products, helped in economic recovery and enhanced Pakistan’s export to China.

He emphasized FPCCI’s vital role as a platform for Pakistan’s vibrant private sector to contribute to policymaking and strengthen overseas economic cooperation.

According to China Economic Net (CEN), FPCCI and Pakistan-China Business Council (PCBC) were informed that new items under quarantine procedures like FMD Zone, cream and so on are waiting for signing protocol like onion and cherry. Members of FPCCI showed gladness that around ten new rice companies were added to the registration list.

FPCCI was further informed that from January to December 2020, China’s imports from Pakistan counted $2.12 billion irrespective of the COVID-19 pandemic that impacted fiscal 2020, while this year, China’s export to Pakistan has decreased 4.95 percent amounting to $15.36 billion as compared to the previous year which was $ 16.17 billion. The total volume of trade between China and Pakistan decreased by 2.69 percent amounted to $17.49 billion as compared with 2019, which was $17.97 billion due to COVID-19.

FPCCI and PCBC members learned that in the 70 early harvest projects identified by China and Pakistan, 46 had been launched or completed, with a total investment of $25.4 billion.

FPCCI informed that the participants have apprised that policies play an important role and Pakistan’s comprehensive and clear investment guidance are necessary with information on different industrial zones, SEZs, and provinces, adding that the government support like production certificate, environment protection certificate and other local policies should be supportive enough.

The speakers said that fair and cost-competitive market is one of the main points for investors, making governmental departments consider an attractive market condition.
The participants decided to continue result-oriented consultations and organize joint meetings between Pakistani and Chinese enterprises to forge synergies and practical linkage.

Jawaid llyas, Chairman Pak-China Business Council of FPCCI (PCBC), all Consuls General based in Chengdu, Guangzhou, Hong Kong and Shanghai, Ahmed Farooq, Minister and Deputy Head of Mission, Badar Uz Zaman, Commercial Counsellor and members of FPCCI participated in the meeting