KARACHI: Irfan Iqbal Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has apprised that bilateral trade volume of Pakistan with China has crossed the psychological barrier of $20 billion and stood at $20.8 billion in FY22; and, China has emerged as the most important source of investments into Pakistan’s energy and infrastructure sectors. In fact, China is the most reliable economic partner of Pakistan, he added.
It is pertinent to note that Yang Yundong, Consul General of China in Karachi, assured the business community of Pakistan of his full support in forging B2B cooperation to further enhance trade, investments and economic relations.
Irfan Iqbal Sheikh stressed that despite continuous investments by China, Pakistan is still facing a trade imbalance with China; with imports from China showing an upward trend, as opposed to the downward trajectory depicted by Pakistan’s exports.
Land route: Pakistan eyes $1b export to China
FPCCI Chief stated that, in 2021, Pakistan’s exports to China stood at $3.04 billion, a major share of which was by cotton ($826.32 million), copper & copper products ($790.27 million), cereals ($382.368 million), oil seeds ($152.97 million) and fish, crustaceans & related products ($161.217 million).
Sheikh explained that potential Pakistani products that have the following potential to increase Pakistani exports to the Chinese market include: different varieties of rice ($1.12 billion), medical or surgical instruments ($400.27 million), apparel & clothing ($873.77 million), leather & leather products ($176.43 million), cement & associated products ($147.75 million), undenatured ethyl alcohol ($164 million), fish, crustaceans & related products ($157.14 million); polyethylene terephthalate ($140.82 million) and mangoes ($20.94 million).
Jawaid Ilyas, Chairman of FPCCI’s Pakistan–China Business Council, proposed that, under the massive relocation of many labour-intensive industries out of China, they can prioritize Pakistan as their new destination. Pakistan has a 64 percent young population; and, abundant labour force as a result. This will help Pakistan a great deal through industrialization; transfer of technology and employment generation.
Copyright Business Recorder, 2023