ISLAMABAD: The business community Sunday viewed that the upcoming visit of Prime Minister Shehbaz Sharif to China would further cement bilateral trade and fortify existing relations.
In a press statement issued here, Coordinator to Federal Tax Ombudsman Meher Kashif Younis hoped that under the leadership of President Xi Jinping, the bilateral relationship would further strengthen.
He said the Chinese President recently announced during his visit to Uzbekistan that “Irrespective of the situation, China will always stand by Pakistan”, which reflects the strong ties that bind both countries together.
He said China is the third largest trading partner.
He said the all-weather strategic cooperation, partnership and exchange of views on regional and global development will be strengthened and solidified; and visit will provide fresh impetus to the bilateral ties besides boosting trade.
He said the visit comes at a time when regional and global dynamics are shifting rapidly. He said the major areas of cooperation are industry, agriculture, and technology.
He said in the second phase of China Pakistan Economic Corridor (CPEC), the private sector would take lead and help implement projects through business to business cooperation. He said in the first phase of CPEC, Pakistan is reaping the benefits of enhanced electricity capacity, better infrastructure and great employment opportunities.
Meher Kashif Younis further stated China has contributed significantly to the development of Pakistan’s industrialization and fields of infrastructure, defence and technology.
He said both leaders will vow to continue cooperation and deepen their strategic partnership. He said during the last 25 years the exports of China to Pakistan have increased at an annualized rate of 13.5%, from $616 million in 1995 to $14.7 billion in 2020.
In 2020, Pakistan exported $1.97 billion to China. He said China exports to Pakistan was US$24.24 billion in 2021 which is all the time in favour of China in terms of Pak exports which he added needs to be narrowed down significantly.
