LAHORE: Recent high-profile public and private sector visits to China would pave a way to enhance economic activity between Pakistan and China, besides to overcome challenge of energy shortage.
In a statement issued here Thursday, the President PML (N) Traders wing Nasir Saeed said that the government took a right step by focusing China to jack up the volume of Foreign Direct Investment in the country as it would not only bring down the rate of unemployment but would also give encouragement to the foreign investors of other countries to put their money in new ventures in Pakistan. He hoped the MNA Hamza Shahbaz Sharif’s visit would help produce desired economic results.
He that China is a time-tested friend and a very important partner of Pakistan and played a significant role in its economic development. He said that involvement of Chinese enterprises, both in terms of Technical and Financial assistance in several development projects is reflective of our cordial relations based on mutual trust and sincerity.
He said that China is the third largest trading partner of Pakistan and it is expected that bilateral trade between Pakistan and China will touch the figure of $ 15 billion within the next few years. Although Pakistan’s exports to China have been gradually increasing, the trade has always been in favor of China.
“Our bilateral trade has grown, but it is nowhere near the potential that exists between the two countries. Pakistan has a lot to offer as it is rich in all kinds of resources.”
Both the countries not only share border but also have unanimity of views on various political & economic issues. The two countries have a combined market of more than 1.5 billion people but the trade volume needs to be pushed up. The Chinese importers may have better prospects for Pakistani goods particularly of Carpets, Leather and leather products, Surgical Equipment, Sports goods, Fruits and vegetables, Rice, Pharmaceuticals, Cotton etc. Most of our industrial units in these areas are ISO certified and are producing best quality products at competitive rates as compared with other countries in the region.
Joint ventures can be initiated in sectors like Construction, Hotels and Tourism; SMEs cluster development, Computer & Cellular chips, Textiles & Garments, Home Appliances, Corporate Farming, Seafood and Food Processing, Banks & Finance, Light Engineering etc. Two most important areas where Pakistan needs urgent assistance are Energy and Agriculture.
Pakistan is an agrarian society with tremendous potential in Agricultural sector. China has expertise both in agriculture and agro-based industry and if some Joint ventures are carried out, it would be mutually beneficial for both countries. The increase in agricultural production would not only help in meeting our local demands but also enable us to export surplus quantity to China. Besides this, the Aqua- farming and Seafood Processing could be the other potential areas for Joint Ventures in which both of our countries could make wonders.
The entry of China Mobile into the Pakistani market has proved a catalyst to further enhancement of economic relations between the two countries.