Pakistan’s exports to China must be enhanced: ICCI chief

Islamabad: President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari has said that Pakistan’s exports to China must be enhanced.

Addressing a dinner reception hosted by Sheikh Muhammad Nasir Ali, Chairman, Pakistan-China Business Forum (PCBF) in collaboration with Traders Welfare Association, I-8 Markaz Islamabad here, Bakhtawari mentioned that China’s annual imports were over US $ 2 trillion, but Pakistan’s exports to China were less than US $ 3 billion, which were negligible as compared to the actual potential of the Chinese market.

“This is a little share of the China’s imports. We have enhance exports to China to get more share of their imports,” he stressed.

He said that the government should fully cooperate with the exporters in enhancing exports to China that would help in improving the health of the economy.

He assured that ICCI would like to work with PCBF to enhance bilateral trade between Pakistan and China that would be beneficial for both countries.

The ICCI chief contended that Pakistan was facing an economic meltdown as exports and foreign reserves of the country were on the decline.

He urged the government to provide maximum support to the private sector in order to boost the exports for reviving the economy.

He said that during the first five months (July to November) of the ongoing fiscal year, exports had reduced to US $ 11.93 billion as compared to US $ 12.36 billion in the corresponding period of last year, which was not a good omen for the country.

He warned that if this trend of falling exports continues, the government would find it difficult to achieve the export target this fiscal year.

He emphasized to look into the reasons that had caused decline in exports and take urgent measures to address them to improve exports.

Speaking at the occasion, Sheikh Muhammad Nasir Ali, Chairman PCBF said that their forum was working to promote business linkages between Chinese and Pakistani companies to enhance trade, joint ventures and investment between the two countries.

He underlined that PCBF would bring more Chinese companies to Pakistan for Joint Ventures (JVs) and investment in special economic zones of Pakistan being set up in the China-Pakistan Economic Corridor (CPEC).