(05 November, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister, Mian Zahid Hussain on Monday said that Prime Minister Imran Khan’s participation in China International Import Expo as Guest of honour is honour to Pakistan. In his visit he met top leadership of China including President Xi Jinping, Vice President Wang Qishan, Premier Li Keqiang, minister IDCPC and leading business leaders including President Asian Infrastructure Investment Bank, Chairman China Railway Construction Company and Chairman Bank of China Group. As a result, 15 new MOUs have been signed for cooperation in different areas of mutual interest, which indeed is a step forward in bilateral cooperation.
The Veteran Business Leader while talking to the business community said that during meetings of Pakistani delegation with Chinese investors, they have expressed interest in investing in different projects of hydropower, renewable energy, construction, and other CPEC related projects. With Chinese investment in the Country, Pakistan will be able to stabilize its economy, trade and industry. By implementation of currency swap agreement, PKR will attain stability and dependency on USD will be reduced to a greater extent which will ultimately give relief to the foreign exchange reserve and will help control the widening trade and fiscal deficits. Banking sector of both countries will further get closer in term of cooperation and growth.
The Former Minister said that both countries have focused on increased bilateral economic cooperation and focused to increase the role of China Pakistan Business Council and intended to form Joint Economic commission in the coming year which will help Pakistan in getting closer to China and will help Pakistan flourish in trade and industry. Both countries have showed interest in increased cooperation in different sectors including Marine Sciences, Technology, Environment and Agriculture. Chinese cooperation is vital for the growth of agriculture sector.
Mian Zahid Hussain said that in the backdrop of Pakistan’s current economic situation, Prime Minister’s visit to China is of utmost importance. During the visit the need of improving existing projects in different areas of mutual interest have been highlighted including economy, trade, energy, tourism, education and both the countries have focused to improve relations between the masses through different new projects. Both countries have also agreed to teach Urdu and Pakistan Studies in Chinese Universities and Sinology and Chinese language in Pakistani Universities which will definitely help masses in getting closer.
Mian Zahid Hussain said that to remove trade imbalances both countries have agreed to conclude the second phase of Free Trade Agreement, which indeed is vital. For Pakistan’s industrial growth, joint ventures of both countries are decided to be started and cooperation to be extended in fields of industries relocation and SME, which will help in growth of SME and improve employment in the Country, however the current financial position of Pakistan also demands the cash aid from China.