The two-way trade between Pakistan and China’s Xinjiang region has crossed over $319 million in the year 2014-2015, up 114.9 percent as compared to the corresponding period of preceding year.
There has been rapid growth in economic relationship between the two sides after President Xi’s visit to Islamabad last year, this was stated by He Yiming, Director General Xinjiang Commerce Department, while addressing a media seminar held in Urumqi. He added: “We need to do much more for developing our economic interaction under the CPEC.”
He Yiming hoped that the road network between Xinjinag and Pakistan’s border area would be fully functional within next few months. Up-gradation of KKH will also be completed soon. This, he said, would lead to increased transportation and commodities’ exchange between the two sides.
He admitted that the trade between the two countries was not matching to the heights of their diplomatic ties. “Much more need to be done to meet the needs and expectations of their people. Since, balance of payment is highly in favour of China, the government of Xinjiang laid greater focus on enhancing its import from Pakistan.” For this purpose, he added, they were encouraging Pakistani businessmen to visit Xinjiang to find out the trade opportunities.
He Yiming further said the Chinese top leadership attached high priority to strengthening their economic relations with Pakistan under CPEC. The government of Xinjinag was taking necessary steps to that direction accordingly.
Recently their senior officials and members of think-tanks met at Karamay, Xinjiang’s oil city, and decided to increase their economic interaction under CPEC. Pakistan’s sea-Port Gowadar and Karamay were declared as sister-cities to undertake joint venture for the development of road network infrastructure and energy-related projects.
To a question, he said there had also been rapid progress towards construction of railway link between the two sides. He hoped that it would boost bilateral trade in a big way. The custom-clearance process at the border area is also being streamlined for this purpose.
Meanwhile, Xinjiang-based TBEA Shenyang Transformer Company has decided to enhance its investment in Pakistan. It has already completed 100 mw photovoltaic EPC project in Lahore. State Power Transmission and Distribution Company of Pakistan has again authorised complete project of 232 km 500 kv power transmission wire to the Shenyang Company. An official of the company told a visiting media delegation that they would complete the project at the earliest possible time.