Shenzhen: – The Pakistan-China Business Forum, a key event aimed at strengthening trade and investment ties between the two nations, has concluded successfully.
The forum featured significant participation from business leaders and government officials from both countries, fostering an environment of cooperation and mutual growth.
The event began with an inaugural session where Prime Minister Shehbaz Sharif addressed a gathering of businessmen from Pakistan and China along with leadership from the Shenzhen government.
After the founding meeting, B2B meetings were started.
The Pakistani delegation included representatives from 14 sectors involving 105 enterprises, while the Chinese side had more than 500 enterprises.
These interactions led to more than 1,000 B2B sessions that provided a platform to explore potential partnerships and investment opportunities.
On the sidelines, Federal Commerce Minister Jam Kamal Khan and Privatization and Investment Minister met more than 40 Chinese businesses.
They have actively promoted Chinese investment in various Pakistani sectors to enhance economic cooperation.
Minister Jam Kamal Khan also held talks with delegations from Xinjiang, Qingdao and Weifang.
He underlined the importance of the conference for strengthening bilateral trade relations.
“The presence of Pakistani and Chinese businesses at this forum is a testament to our strong bilateral relations,” he said. “Chinese businesses have set a global benchmark, and we seek to learn from their experience and build a robust economic partnership.”
In his discussions, Khan emphasized the vital role of industry and trade in driving economic growth.
He pointed out that the forum was organized to learn from the successes of Chinese companies and work towards the common goal of a strong, economically vibrant Pakistan.
Jam shared insights on the trade dynamics between Pakistan and China. In 2023, bilateral trade reached $20.7 billion, driven by a 25% decline in Pakistan’s imports from China to $17.3 billion and a 1.4% increase in Pakistan’s exports to China, totaling $3.46 billion.
He highlighted the potential for expanding this business portfolio and emphasized that events like this forum could bring positive results through cooperation.
Addressing Pakistani businesses, Jam Kamal Khan emphasized the need for a clear path to economic recovery. “Our government’s top priority is to revive the economy through increased trade and investment,” he said. “Under the leadership of Prime Minister Shehbaz Sharif, we are witnessing positive results from our efforts in economic stability, security and governance.”
Jam’s discussions with delegations from Speedaf Logistics Company and China Metallurgical Group Corporation (MCC Group) highlighted the multifaceted business of China’s major business groups.
He welcomed Chinese companies setting up joint ventures (JVs) with Pakistani businesses and tapping the Pakistani market for global exports.
Assuring Chinese companies of his office’s full support, Jam Kamal said, “We are here to facilitate your investment and partnership. I am determined to visit China again or host you in Pakistan to ensure our mutual success.”
During his visit, Khan witnessed the signing of 30 Memoranda of Understanding (MoU) and one Letter of Intent (LOI) with Chinese companies.
Federal Ministers Abdul Aleem Khan (Board of Investment) and Rana Tanveer Hussain (Industries) were also present and underlined the government’s commitment to support bilateral cooperation.
Between Hualu Engineering & Technology Co., Ltd. and Asiapak Investments Limited, a major MoU was also signed to produce urea at competitive prices in Pakistan. The aim of this agreement is to strengthen public finances and reduce dependence on imports.
The forum identified 14 priority sectors for attracting investment in Pakistan, based on which the business conference was jointly organized by the Ministry of Commerce, Board of Investment, Ministry of IT, Ministry of Food Security, Pakistan Trade Development Authority and Planning Division. . These industries include:
- Large base metal refining units, especially deep copper refining
- Production of solar cells and modules
- Complex diesel cracking facility and oil refining complex
- Large-scale production of synthetic yarns and fabrics
- A complex of iron and steel products
- Manufacturing mobile phones with higher added value in Pakistan
- Labor intensive industries such as textiles, leather products, pharmaceuticals, chemicals, medical equipment, footwear and toys
- Agricultural food parks
- Electric cars
- Production of electronics, notebooks and household appliances
- Production of Urea and Fertilizers by Gasification of Thar Coal
- Semiconductor production
- Information and Communication Technology (ICT)
The Pakistan-China Business Forum 2024 marks a milestone in strengthening economic ties between the two nations. The event underscored the potential for mutual growth and the commitment of both governments to foster a favorable environment for trade and investment.
