KARACHI – South Asian Association of Regional Cooperation (SAARC) Chamber of Commerce and Industry former Chairman Tariq Sayeed has urged the Pakistani business community to extract maximum benefit from Chinese trade and investment friendly policies. He claimed that China has aimed at strengthening economies of Southeast and South Asian countries. China has offered many incentives and increased facilitation to exports from these countries and plans to boost investment throughout the region.
Tariq Sayeed was speaking at a seminar titled “Deepening Pakistan-China Economic Cooperation: Prospects for trade and investment opportunities in China and Pakistan”. It was jointly organised by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and SAARC Chamber of Commerce and Industry here at Federation House on occasion of a visit by Chinese delegation from Yunnan province. Sayeed welcomed the incentives and facilities offered by China to Pakistani private sector and hoped that our traders and investors would grab this golden opportunity.
“The ball is in our court. How efficient we can prove ourselves to garner the benefit of Chinese policies and opportunities”, he asserted, adding that our businessmen should work towards attracting Chinese investors interested to enter join ventures, given that many Chinese companies are already operating in various projects in Pakistan. He stressed that were possibilities of active cooperation in the sectors of financing and banking, infrastructure, energy, information technology and telecom, chemicals, fertiliser, glass, polymers, textile manufacturing, engineering goods, textile machinery, automotives, agricultural implements, agriculture and agro based industry, food and fruits processing and packaging, livestock and dairy farming and pesticides. To realise opportunities presented, cooperation between the FPCCI and Council of China Pakistan Investment and Trade (CCPIT) has already been boosted.
Regarding economic cooperation between China and South Asian countries, he said there was huge potential available which needs proper utilisation. However, he noted, the momentum of economic cooperation has geared up after the formation of China South Asia Business Forum in 2004 under the umbrella of SAARC and CCPIT. The present volume of trade between China and South Asian countries is $75 billion and is likely to cross $100 billion in a couple of years. China is a land of opportunities for small economies like Pakistan, provided they are given preferential market access.
Sayeed, who is also past vice chairman of Confederation of South Asian Chambers of Commerce and Industry, the Chinese trade delegation which has come to Pakistan to invite Pakistani business community to participate 6th China-South Asia Business Forum followed by fourth South Asian countries Trade Fair which is scheduled to be held from June 6-10 2011 in Kunming, the capital city of Yunnan. He appreciated that CCPIT had offered 100 stalls free of charge to Pakistan in the exhibition area. He said he had requested Li Jaishou, the delegation’s leader, to provide special facilities to Pakistani women entrepreneurs for their participation in the exhibition as this would enhance the scope of cooperation between the two countries.
He emphasised that for promotion of trade and investment in China and Pakistan, both sides should share information about the potential and mutually benefited areas for joint ventures and exclusive investments. He said CCPIT may launch some sector specific studies and pre-feasibility reports reflecting true potential of the sector. Similarly, FPCCI should also prepare such studies to attract foreign direct investment (FDI) from China He also pointed to the need for China to relax non-tariff barriers and technical barriers to trade like standards and procedures need to be simplified for South Asian countries, providing them larger market access.
