Future of Pak economy linked to trade with China: FPCCI

LAHORE: The future of Pakistan economy is linked with economic growth of China and trade between the two countries through Silk Route and Kashgar can have multiplier effect on socio-economic relations.

This was stated by Tariq Sayeed, Patron-in-chief of Pak-China Business Council and former President FPCCI at China-Pakistan Business Forum, organized by Trade Development Authority of Pakistan in collaboration with CCPIT, Xinjiang Sub-Council and prefactual administration of Kashgar city of China, says a press release issued here on Thursday.

The Forum was inaugurated by Tariq Iqbal Puri, CEO, Masood Khan, Ambassador of Pakistan to China, Akram Zaki, senator and CEO of Institute of Policy Study Pakistan and Deputy Commissioner of Kashgar Prefactual Administration and Chief Secretary Gilgit-Baltistan Saifullah Chatta addressed the session, which was moderated by Dr.Naeem Khan, Commercial Counsellor of Pakistan in Beijing.

The forum was attended by Iqbal Tabish, Secretary General SAARC CCI, Amman Ullah Khan, Chairman Pakistan China Business & Investment Promotion Council, Customs officials of Kashgar and large number of businessmen from Pakistan and China.

"Pakistan should take the advantage of being a neighbouring country of the world's leading exporter and the 2nd largest economy of the World, which provides over $ 1.0 trillion import market of the World," said Tariq Sayeed and added that together with Kashgar, the private sector of Pakistan could foster the economic cooperation and help achieve trade target of $ 45 billion by end of 2015.

He identified inefficient logistics, as the main hurdles in promoting trade through land route. He invited business community of Kashgar to Pakistan and urged for investment through joint ventures in mutually interested areas and relocation of industries with transfer of technology to Pakistan, which was instrumental to reduce chronic trade deficit, faced by Pakistan.

Both sides shared a road-map to yield maximum benefits from regional proximity and agreed upon proposals including improvement of infrastructure, connectivity through rail and road, operations of direct flights, concessions on items trade in small quantities.

The Kashgar Prefectural Administration offered duty free import of need-based agricultural products including cherries from Pakistan and allocation of 1-2 square kilometres in Kashgar Economic Zone for facilitation of trade goods.

Copyright APP (Associated Press of Pakistan), 2011