China cooperation termed essential for economic uplift

Karachi: Karachi Chamber of Commerce & Industry KCCI President Muhammad Haroon Agar has said that Pakistan and China can collectively do wonders as the economic and commercial activities are now focusing towards Asia. With Pak-China mutual economic and cooperation, regional trade and trading with SAARC, ECO and Central Asian blocks can multiply to manifolds.

Speaking at the KCCI’s reception in honour of Gao Xiging, President of China Investment Corporation CIC he urged Chinese investment in energy, infrastructure, metro railways, mass transit, dams projects which are direly needed to uplift economy and further strengthen Pak-China friendly relationship and economic cooperation.

He said that Chinese cooperation with Pakistan rose with substantial investments from China in Pakistani infra structural expansion, including the mega projects in Pakistan like deep water port in Gawadar; however, in view of Pak China friendship which is deeper than ocean, greater than Himalaya, growth in mutual cooperation is essential to uplift Pakistan’s weakening economy.

He said Karakorum Highway is a remarkable example of mutual cooperation and is the symbol of friendship and understanding. The year 2011 was celebrated as “Pakistan China Friendship Year” on 60th Anniversary of Pak China Relations”.

More than 11,000 Chinese engineers, technicians and workers are rendering their valuable services in progress and development of Pakistan, he said, adding that Chinese investment in Pakistan has increased many fold in key sectors including port development, roads, railways, mobile telephones communication technology, hydro and thermal power, mining, electronics, and nuclear energy.

A large number of Chinese companies are working in Pakistan in oil and gas, IT and telecom, power generation, engineering, automobiles, infrastructure and mining sector. Both countries have free trade agreements which should be effectively explored for mutual benefits of both friendly nations. Public as well private sector Pak-China joint ventures are need of time owing to immense investment potential in Pakistan.

Gao Xiging, speaking on the occasion, stated that China and Pakistan are great friends and Pakistan is one of the best friends of China. Both countries have been committed to develop closer bilateral relations and further broaden their economic engagement for achieving common development. Opportunities for joint ventures in different sector do exist. So far, China Pakistani economic and trade cooperation has seen good progress.

He said that Pakistan is also our neighbour country and Chinese always feel safe in Pakistan. Pakistan has very good potential in different fields. China is also giving new face to its industry with sector diversification. China Pakistan’s trade and economic cooperation has seen good progress. China Investment Corporation CIC is State Owned Institution, having around $200 Billion foreign exchange reserves enters into investment, joint ventures, shareholding etc.

Chairman Sindh Board of Investment & former President KCCI Muhammad Zubair Motiwala proposed the President of China Investment Corporation to establish Pak-China mutual fund that can fund the potential projects and joint ventures in the public and private sector of Pakistan. He articulated that Pakistan has 2nd largest reserves of Coal. Pakistan can benefit from Chinese technical assistance in coal energy projects.

He also emphasized on the urgent need for accelerating the effort for development of indigenous and cheaper energy resources. Reliable, efficient, safe and cost effective solutions for coal based power generation. Chinese Technical expertise in wind power is also essential. Pakistan and China can also create joint venture in textile sector as Chinese companies buy textile products from Pakistan. He also underscored joint collaboration in education sector. Pakistan also needs technical support and help to build infrastructure for instance express ways and bridges. Investment opportunities are also available to promote tourism.

Former President KCCI Majyd Aziz, Senior Vice President Shamim Firpo, Vice President Nasir Mehmood and Managing Committee Members of KCCI also participated in the meeting.

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