Shanghai, 20 October 2023 (TDI): Pakistan’s Minister of Commerce, Dr. Gohar Ejaz held a meeting with President of EXIM Bank, Ren Shengjun in Shanghai, on the sideline of Belt and Road Forum (BRF), on October 20.

The organizers convened the meeting to discuss the strengthening of bilateral cooperation and highlight China’s pivotal role in the BRI and Pakistan’s economic growth.

Ren Shengjun commenced the meeting by expressing his desire to see Pakistan become China’s hub for productivity and development.

He emphasized that now is the opportune time to seize these prospects.

Moreover he said, the progress of CPEC encouraged him, and he recognized the positive impact of infrastructure developments on connectivity and Pakistan’s foreign trade.

President disclosed that EXIM Bank had concluded its internal processes for debt restructuring, which would facilitate transactions in RMB and further enhance trade relations.

He commended the establishment of the Pakistan Corporate Consortium (PCC) as a promising mechanism for driving private investment.

He thanked Dr. Gohar Ejaz for his visit, underscoring its significance in enhancing communication.

Dr. Gohar Ejaz responded by emphasizing the vital role of China as a key partner in the BRI, which has already transformed lives in Pakistan.

The Minister highlighted the upcoming phase of BRI, which focuses on private-to-private sector cooperation.

He also praised Pakistan’s Special Investment Facilitation Council (SIFC) for expeditiously removing bottlenecks and fast-tracking major projects.

Gohar Ejaz announced the establishment of Special Economic Zones (SEZs) in Karachi, Lahore, Multan, and Faisalabad, each equipped with state-of-the-art facilities to facilitate industrial growth.

Pakistan is actively negotiating agreements for market access with regional countries and blocs to boost the export of products resulting from increased industrial activities.

Simultaneously, the nation is also exploring transit trade arrangements with these nations.

The Karachi transit route holds immense potential for the development of industrial units along its path, including official trade in RMB with Russia and other countries.

In addition, Minister urged Chinese businesses to collaborate with Pakistan in this endeavor by highlighting Pakistan’s dedication to welcoming investment in its mining industry.

He also mentioned that Chinese companies were showing a lot of interest in the agriculture industry.

Minister of Commerce announced the PCC, which comprises 10 top corporate houses, with the goal of developing joint ventures and partnerships with potential Chinese investors.

He also asked for assistance from EXIM Bank in moving industries to Pakistan.

Additionally, Minister of Commerce and Wang Jianfeng, the President of Huawei Group’s PACD, had a fruitful discussion.

Moreover, he praised the government of Pakistan for creating a business-friendly atmosphere.

They covered strengthening ICT infrastructure, increasing broadband availability, and the critical role that digitalized government services play in efficiency and transparency.

Also Read: Pakistan’s Prime Minister sequentially meets President of Russia, Sri Lanka

He encouraged Huawei to take the lead in developing a data center in Pakistan, supporting advancements in digital banking, and entering the solar panel industry.

Additionally, he presented the SIFC plan for simplified investments.