In a big development, Chinese Industry worth billions of dollars to be relocated in Pakistan: Report

In a big development, Chinese Industry worth billions of dollars to be relocated in Pakistan: Report

BEIJING:Advisor to Prime Minister on Commerce, Industries, Textile and Investment Abdul Razak Dawood held a meeting with Chinese Commerce Minister Zhong Shan and discussed implementation of Phase-II of the China-Pakistan Free Trade Agreement (CPFTA) as well as the relocation of the Chinese industry to Pakistan.

In a meeting held during his recent visit to China, he also requested additional quantities of rice and sugar under trade facilitation of $1 billion extended by China and a grand Country pavilion for Pakistan in CIIE 2020, according to official sources here on Tuesday.

Import of Tobacco from Pakistan by China Tobacco Corporation was also discussed and capacity building support was sought to complete the quarantine procedure to enable export of food related products and commodities from Pakistan.

The Chinese side indicated that after implementation of second phase of CPFTA, imports from Pakistan will increase tremendously and the Chinese investors are keen to invest in Pakistan’s infrastructure and manufacturing sectors.

It was informed that the China Pakistan Economic Corridor (CPEC) projects are underway at a fast pace and now the focus is on industrialization and socioeconomic development. Both sides agreed to further strengthen bilateral high-level trade exchanges.

The advisor thanked the Chinese side for the invitation of second China International Import Expo (CIIE) recently concluded in Shanghai.

Razak congratulated the Chinese side for the successful conduct of CIIE and informal WTO Ministerial meeting.

Pakistan appreciated China’s leading role for sustaining and promoting multilateralism.

Meanwhile, as many as 35 exporters from Pakistan displayed their products at the Expo in Shanghai. The total covered area of exhibition halls was more than 300,000 square meters and more than 150 countries participated.

Advisor also met with Suzhou Water Purification Equipment Company that is working with Nestle and Pepsi and one of the renowned water desalination plant manufacturers, Anhui Easy Business Digital Technology Company that provides e-government, e-ports and digitalization services to the Chinese Ministry of Commerce and General Administration of China Customs, Northern Heavy Industries Group, the largest equipment supplier to cement, steel, and mining.

During interview with China Economic Net, the advisor said Pakistani exports to China will increase considerably after the implementation of the second phase of CPFTA, with effect from December 1.

He said the CIIE provided good opportunities to Pakistani exporters to showcase their products in the second largest import market of China.