"Although, during the last three years, investment from China has registered significant increases, there is still ample scope for raising its volume," said Haroon Farooki, President of Karachi Chamber of Commerce and Industry, during a meeting here on Tuesday with an 11-member delegation from Yiwu, China, led by Lou Guohua, Party Secretary, CPC Yiwu Committee.
Farooki stressed the need for increasing trade relations between the business communities of the two friendly countries and said that Pakistan has witnessed an impressive economic growth and has offered a very attractive package for foreign investment. The package makes no distinction between local and foreign investors, who are allowed to repatriate capital and profit, he added.
He said that the strategic location of Pakistan, and particularly of Karachi, and availability of skilled manpower at cheaper rates, were added attraction for investment, especially in oil, gas, IT, telecommunication, engineering, infrastructure and agro-based industries.
The KCCI chief, reviewing the two-way trade, said that Pakistan's exports to China, which were $288.1 million in 2003-04, had increased to $354.2 million in 2004-05, whereas imports had risen from $1,144.8 million to $1,842.9 million. "The balance of trade continues to be against Pakistan and the volume of trade does not commensurate with the actual potential, which can be expanded through joint efforts and co-operation", he added.
He said that China, following its entry into WTO, was passing through the phase of restructuring of its booming economy and moving towards privatisation. "We look forward to enhanced co-operation in the private sector, as it has already helped in setting up some basic and infrastructure projects in the public sector. We must cooperate more in the textile sector to avoid competition abroad, in the wake of dismantling of Multi-Fibre Agreement (MFA) to the advantage of both countries", he said.
The Chamber chief said he believed that more exchange of trade delegations, individual visits of businessmen and officials, holding of single-country exhibitions each other's country, combined with joint ventures and better travelling facilities would lead to rapid expansion in bilateral trade as well.
He invited Chinese entrepreneurs to participate in KCCI's 'My Karachi' Exhibition in July 2006. He also assured the Chinese delegation of the Chamber's full support and co-operation.
Lou Guohua, expressing gratitude, said that the meeting has provided him an opportunity to understand and exchange views with the local business community. He said that Karachi, being the industrial and commercial hub of the country, "is an ideal place for investment" in Pakistan and many Chinese entrepreneurs were actively considering investing in various projects in and around Karachi.
He said that the purpose of the visit of the delegation was to introduce Yiwu city, China, as an international marketplace, where more than 32,000 items from 150 countries of the world are available for trade, and the trade volume of Yiwu city is around $60 billion.
He said that Pakistani businessmen could also place their products through their agents, or by setting up a country pavilion, in Yiwu city.
He suggested to KCCI members to visit Yiwu and see for themselves the vast opportunities for trade in Yiwu city.
Present in the meeting were Abdul Majeed Memon, Senior Vice President; Yousuf Surmawala, Mohammad Ali, Sultan Mahmood, Tariq Malik, Shamoon Bakir Ali, Saqib Naseem, Mansoor Sootwala, Alamgir Sheikh and Shakeel-ur-Rehman, Khalid Firoz, and other members of the Chamber. Also present in the meeting were M Nazir Ali, Secretary, Mohib K Habib, and Ishaq Subhani, Director R&ED cell KCCI.
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