Archive for ‘Economy’

November 21, 2011

Pak, China leadership pays special attention to promote economic ties

Ambassador Masood Khan has said that the  leadership of Pakistan and China is paying special attention to the promotion of economic relations between the two countries.“The indicators of trade and economic cooperation are good. Last year,bilateral trade was US $8.7 billion. This year, we are set to cross the US $10 billion mark,” he said, while addressing an investment forum here.By September this year, the bilateral trade had already touched the figure of $ 7 billion, he told APP Sunday.

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November 7, 2011

Pakistan, China agree to expand economic, defence cooperation

Prime Minister Yousuf Raza Gilani and Chinese Premier Wen Jiabao on Monday expressed their resolve to further strengthen bilateral ties in economic, defence and energy sectors for the mutual benefit of the two countries.

The two leaders who met on the sidelines of the summit of the Shanghai Cooperation Organisation here discussed issues of strategic and economic cooperation between their countries.

They discussed the matters relating to agriculture, power generation and finance besides reviewing progress in Sino-Pak bilateral ties.

Both reviewed strategic and defence cooperation besides exchanging views on trade cooperation.

The two sides also discussed the means to carry out projects of communication including railway and road links and fibre optic.

Prime Minister Gilani sought investment by Chinese companies in Pakistan’s various areas and stressed the need for making efforts to realise the full potential of bilateral trade.

Premier Wen assured Prime Minister Gilani of China’s commitment to further strengthen its relations with Pakistan in all fields.

Both leaders were of the view that the two nations were against terrorism and would continue to cooperate with each other to eliminate this threat.

Gilani said it was time to address the global economic crisis and find out a way to counter its impact on growing economies.

During the meeting the two leaders also noted that both Pakistan and China share similar views on important regional and global issues and will continue to extend support to each other on all levels.

They also agreed on exploiting the full potential of the two business communities to boost their economy and trade.

Pakistan, China agree to expand economic, defence cooperation | Pakistan | DAWN.COM

August 8, 2011

China conditions India’s NSG membership to Pakistan’s entry

The US wants to pilot India’s membership to the four sensitive technologies export control regimes including the NSG which has the most stringent controls. The Indo-US joint statement during US President Barack Obama’s confirmed this tactic–however the Indo-US 123 deal itself is the doldrums. While the US-India deal languishes in paperwork, China has built four Nuclear reactors in Pakistan.

China has taken a principled stand on new members to the Nuclear Supplier’s Group (NSG). It is proposing a “criteria based’ admission criteria, rather than an exception based one. This is clearly meant to jeopardise the Bharati admission into the NSG by conditioning it to the admission of Pakistan.

China has questioned India’s membership proposal before the Nuclear Suppliers Group (NSG) on grounds that an exception should not be made for just one country. Beijing is transparent in its intentions. In a clear attempt to build a case for Islamabad, Beijing has informed the 46-member NSG grouping that all potential candidates must be considered for membership–leaving the Bharati admission in the doldrums.

At the June 23-24 meeting of the NSG at Noordwijk in the Netherlands, the Bharati admission was challenged in certain quarters. There is concern over India’s membership given the fact that that it is not a signatory to the NPT (Non-Proliferation Treaty). Some of the NSG countries are urging the US, France and UK to reassess the impact this may have on the non-proliferation regime.

China that took a totally different line and asked for rules of membership to be framed for all potential candidates than make an exception for India. This is a pointed reference to Pakistan. It is one of the two remaining nuclear powers that have not signed the NPT. The Chinese emphasis was aimed at benefiting Pakistan and complicates India’s case.

Source: Rupee News

April 5, 2011

‘Pak-China economic potential needs to be explored’

Pak-China economic potential needs to be explored in true perspective, as the current bilateral trade volume of Pakistan and China ($8.6 billion) does not reflect the gravity of our relationship.

Li Jaishou, Chairman China Council for Promotion of International Trade (CCPIT) Yunnan Province of China said at a seminar ‘Deepening Pak-China Economic Cooperation Exploring Trade and Investment opportunities’ between Pakistan and Yunnan Province organised by FPCCI and SAARC CCI.

He invited FPCCI and business community of Pakistan to attend 6th China-South Asia Business Forum scheduled in Kunming City of Yunnan Province on June 6-10, 2011 followed by 4th South Asian Countries Trade Fairs, which would help promote economic cooperation between China and Pakistan and provide opportunity to Pakistani exporters to enhance exports from Pakistan.

The CCPIT Chief offered 100 stalls for Pakistani enterprises to display their products in the Trade Fair and hoped Pakistani companies would benefit from the vast potential of Chinese market.

Senator Haji Ghulam Ali, President FPCCI appreciated the role of CCPIT for promoting trade between China and South Asian countries in general and with Pakistan in particular and assured the CCPIT leadership of fullest cooperation from Pakistan.

Tariq Sayeed, Patron-in-Chief Pakistan China Business Council of FPCCI presented a comprehensive overview of China South Asia economic cooperation and particularly identified economic complementarities for Pak China Economic Cooperation and also highlighted economics of Karachi with the city of Kunming.

He discussed areas of possible cooperation between Yunnan Province of China and Pakistan.

He put forth some suggestions for improvement of economic cooperation between Pakistan and China which include B2B meetings, preparation of pre-feasibility reports on trade and investment potential in Pakistan, frequent exchange of business delegations, strengthening of FPCCI Offices in China and participation of Pakistani exporters in Kunming Fair.

Yan Jiang Ming, Commercial Counsellor of China gave brief overview of Pak China Economic relations and hope the bilateral trade under the leadership and CCPIT and FPCCI would further grow.

via Daily Times – Leading News Resource of Pakistan – ‘Pak-China economic potential needs to be explored’.

April 3, 2011

Industrial and Commercial Bank of China to start its operations in Pakistan soon

National emblem of the People's Republic of China

Industrial and Commercial Bank of China would start its operations in Pakistan soon by opening its branches in Karachi and Islamabad.

A meeting under Finance Minister Abdul Hafeez Sheikh on progress in China-Pakistan cooperation noted that ICBC coming to Pakistan in a big way besides other developments in this regard ranging from trade concessions and collaboration in the fields of agriculture, banking and finance.

According to an official handout, the meeting also deliberated upon the progress in the operationalisation and implementation of the agriculture related component under the Economic and Technical Cooperation.

Meanwhile the meeting also discussed the opening of Pakistan’s National Bank of Pakistan Branch in China under the prevalent procedure in the Chinese Banking laws.

Under the bilateral trade, China is to send more trade missions to Pakistan, and Pakistani traders to be given access and free space in trade exhibition in the cities of Kashghar, Urmuqi, Kensing and Chengdu. The Finance Minister asked the concerned officials to give a comprehensive report on the development in this regard.

Finance Minister Shaikh said that no inaction on the part of any line ministry shall be allowed in the implementation of the decisions agreed between Pakistan and China during the last visit of Chinese Premier to Pakistan.

Chinese delegation to the meeting was led by Chinese Ambassador to Pakistan Liu Jian to review the progress in the implementation of the mechanism for the number of projects with Chinese technical and financial assistance.

In the post flood Reconstruction Programme, the Chinese Government has pledged to support Pakistan in the reconstruction of a number of projects which included the Grant for Highways and Agriculture, Transport, Energy and Communication, Establishment of China-Pakistan Agricultural Technology Zones, Upgradation of Karakarum Highway and Reallignment of Ataabad Lake, Disaster for Preparedness and Response System and Environment and Ecosystem.

The other subjects that the meeting discussed included Pakistan’s market access by considering grant of unilateral tariff concession to 228 Pakistani products, launch of second phase of the Pak-China Free Trade Agreement, in the first quarter of 2011, the Establishment of Pakistan China Entrepreneurs Forum, and exploring possibility of establishing trans-border economic zones.   It may be recalled that during last visit of the Chinese Premier to Pakistan, new air routes between Pakistan and China were also agreed to be opened. The meeting also deliberated upon on airport also. The youth exchange program was also brought under discussion whereby one hundred Chinese and Pakistani youth delegations to visit respective countries to enhance cultural cooperation between the two friendly countries.

Both the sides expressed their satisfaction over the pace of progress in the afore-mentioned projects and hoped that if there is any laxity from any quarter shall overcome with collaboration and coordination with the line ministries and corresponding agencies.

ONLINE – International News Network.

March 26, 2011

Pakistan, China discuss expansion of cooperation in trade, investment, explore new avenues

Pakistan and China here discussed expansion of cooperation between the two countries in trade, investment and financial sectors.Both sides also agreed to conduct a study on the specific opportunities for the Chinese investors in Pakistan.Ambassador Masood Khan who held a meeting with Vice Governor, China Development Bank (CDB) Wang Yongsheng also discussed and reviewed the implementation of the bilateral projects that were decided during the visit of Premier Wen Jiabao to Pakistan in December last year.

APP learnt here Saturday that in the meeting held Friday both sides have decided to develop a coordinated mechanism for this purpose.

The Vice Governor of the CDB assured the Ambassador of the commitment of the bank to enhance cooperation with Pakistan.

He said that the focus of CDB was on implementation of projects under the Five Year Development Programme on Trade and Economic Cooperation as well as the agreements signed during Premier Wen Jiabao’s state visit to Pakistan in December 2010.

The emphasis, he said is on projects of power, infrastructure, alternate energy and banking sectors.

Wang said that CDB would strengthen the role of Pakistan-China Joint Investment Company including its exposure in Pakistan and tap full potential by generating its investment in various projects.

Both sides also agreed to hold a series of activities in the year 2011 which has been designated as the “Year of China-Pakistan Friendship”, to warmly celebrate the 60th anniversary of the establishment of China-Pakistan diplomatic relations.

via Associated Press Of Pakistan ( Pakistan’s Premier NEWS Agency ) – Pakistan, China discuss expansion of cooperation in trade, investment, explore new avenues.

March 11, 2011

President for early finalization of Pak-China currency swap agreement

President Asif Ali Zardari Thursday emphasized upon the early finalization of currency swap agreement between Pakistan and China saying that such arrangements should also be concluded with Turkey and Sri Lanka to promote and facilitate bilateral trade with these countries. The President expressed these views while chairing a meeting on the proposed currency swap arrangements, here at the Aiwan-e-Sadr on Thursday.
The meeting was attended among others by Minister for Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Sheikh, Minister of State for Foreign Affairs Ms. Hina Rabbani Khar, Governor State Bank of Pakistan Shahid Kardar, Chairman Board of Investment (BOI) Saleem H. Mandviwala, Chairman All Pakistan Textile Mills Association (APTMA) Gohar Ejaz, Chairman Pakistan Business Council Asad Omar, senior government officials and Spokesperson to the President Farhatullah Babar.
Briefing media Spokesperson to the President Farhatullah Babar said that the Governor State Bank gave a detailed briefing on the progress made so far regarding currency swap arrangements between the People’s Bank of China and the State Bank of Pakistan.
He said that the proposed arrangement was being examined from a legal perspective.
Talking about similar arrangements with Turkey and Sri Lanka, he said that Turkish authorities have responded positively towards considering such arrangement with Pakistan.
He said that a high level delegation from Pakistan recently visited Sri Lanka and held meetings with the Governor State Bank of Sri Lanka and Secretary Finance and held discussions on broadening economic cooperation between the two countries.
It may be recalled that during the visit of President Zardari to Sri Lanka in November last, he had offered assistance to Sri Lanka in cement, sugar and dairy industry and had urged the business community to take advantage of liberal trade policies of the country, through joint ventures and investment.
The President then addressing a business forum, comprising leading business personalities and corporate leaders, had emphasized upon the need to explore new and unconventional phase of economic cooperation marked by more trade, currency exchange and banking interchanges.
The President had also proposed currency swap arrangement between Pakistan and Sri Lanka to reduce pressure on foreign exchange reserves of the two countries, Farhatullah Babar said.
Similarly the Turkish Prime Minister during his visit to Pakistan in October 2010 had welcomed currency swap arrangements with Pakistan, he continued.
During today’s meeting, the President recalled his meetings with the leaderships of China, Turkey and Sri Lanka and their interest for entering into such arrangement with Pakistan.
Later, Minister for Finance, Revenue and Economic Affairs Dr.  Abdul Hafeez Sheikh briefed the meeting about his recent meetings with the IMF officials.

Associated Press Of Pakistan ( Pakistan’s Premier NEWS Agency ) – President for early finalization of Pak-China currency swap agreement.

February 24, 2011

Pakistan appreciates China’s support for economic development

Minister of State for Foreign Affairs Ms. Hina Rabbani Khar on Thursday said Pakistan considers relations with China of utmost importance and appreciates its support for economic development.She was talking to Minister of the International Department, Central Committee of the Communist Party of China (CPC) here at the Foreign Office.Issues pertaining to bilateral relations, regional and global issues of mutual interest were discussed.The Minister highlighted the importance of Chinese investments in Pakistan’s mega strategic projects, noted support to country’s economic development and urged further consolidation of their economic partnership.

Khar said both countries enjoy complete trust and convergence of views on all bilateral, regional and international issues.

She appreciated the frequent exchanges of visits between the two countries at various levels. Pakistan supports “One China” Policy.

The Vice Minister stated that Pakistan and China were close and all weather friends and remarked that the two countries may enhance this unique relationship through frequent people to people interactions and public diplomacy.

He mentioned his interaction with various political parties and mentioned opening ceremony of Chinese language classes in a private school system.

Pakistan and China enjoy a multifaceted and multidimensional strategic partnership, based on mutual trust and mutuality of interests. Strengthening of cooperation with China is one of the key principles guiding Pakistan’s foreign policy.

The two countries have declared 2011 as the Friendship Year. A comprehensive Action Plan to celebrate the Friendship year has been chalked out, focusing on wider interaction between the two countries’ leadership and the people through joint activities and exchanges.

via Associated Press Of Pakistan ( Pakistan’s Premier NEWS Agency ) – Pakistan appreciates China’s support for economic development; Khar.