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Pak-China focusing on boosting economic ties

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(Globalpost/GlobalPost)

Pakistan’s Ambassador to China, Masood Khalid said that the political and strategic relations between Pakistan and China are robust and the leadership of the two countries giving special focus on enhancing and strengthening bilateral economic and commercial cooperation.

The Ambassador said this while addressing a group of prominent Chinese entrepreneurs here at the Pakistan Embassy Friday. The Ambassador said that friendship between Pakistan and China has consistently maintained an upward trajectory and grown from strength to strength over the last six decades and two countries have a robust architecture for economic and trade cooperation.

He said Free Trade Agreement (FTA) has been signed that covers goods, services and investment. “We have a Five Year Plan for economic and trade cooperation. Under the next five year plan, we have identified 36 projects worth US$ 14 billion which cover education, healthcare, water conservancy, agriculture, transport, energy, and environment”, he added.

Ambassador Khalid said “A number of measures are being taken to increase the trade between our two countries. These measures include dispatch of Chinese purchase missions to Pakistan, encouragement of Pakistani traders and trade officials to participate in Chinese fairs and exhibitions, consideration of unilateral trade concessions by China for Pakistan, second phase FTA negotiations for further trade liberalization, establishment of trans-border economic zones, and increase in the number of entry points in China for Pakistan’s agriculture produce”. Encouraging the Chinese investors to benefit from the business friendly policies available in Pakistan, the Ambassador said there are vast opportunities of investment in energy, mining, agriculture, textiles, halal food and infrastructure sectors. “We have special investment environment and incentives for our Chinese friends. We aim at creating multiple, trade-transport-energy corridors between Pakistan and China so that this region can be connected to South, West and Central Asia”, he noted.

Earlier, in his speech, Cao Wenjian, Managing Director, Pak-China Joint Investment Company informed the audience that this company is a joint venture of the two governments with an equity of $200 million.

He said China and Pakistan are all-weather friends. Pakistan, he said, is rich in natural resources and Chinese companies must tap the opportunities available in Pakistan for investment and trade.

On behalf of Pak-China joint chamber of commerce, Frank Lin gave a presentation. He said China has a strong manufacturing sector and the Pakistan-China Joint Investment Company can play a major role in bringing the business communities of the two countries closer to each other for mutual benefit.

Earlier, Saleem Khan, Minister (Economic) at the Pakistan Embassy in Beijing gave a presentation introducing Pakistan’s investment regime to the Chinese investors.

He apprised the Chinese businesspersons of the regulatory policies of Pakistan and the incentives available for them. He said the most attractive sectors for investment in Pakistan are Oil and Gas, Financial Businesses, Trade, Construction, Power and Communication.

Representatives of Pakistani banks including National Bank of Pakistan, Habib Bank and UBL were also present on the occasion.

http://www.globalpost.com/dispatch/news/asianet/130406/pak-china-focusing-boosting-economic-ties