KARACHI: Former Minister of State of Foreign Affairs Hina Rabbani Khar on Thursday said that it is crucial for Pakistan to leverage its friendship with China to foster industrial and technological growth.
Speaking at a seminar organized by KASB Ktrade to celebrate the Diamond Jubilee of People’s Republic of China, she said it involves moving beyond a mere reliance on infrastructure projects to cultivate innovations that can benefit both nations and the broader global community. Such a transition is essential for creating an ecosystem of sustainable growth in Pakistan, she added.
She said that the world is undergoing rapid changes. China has made remarkable growth, particularly in technology and production. Despite some challenges, Pakistan has steadfastly embraced its relationship with China, having historically been one of the first countries to sign a free trade agreement with it, she said.
She emphasized that the China-Pakistan partnership runs deep, transcending superficial narratives. This collaboration involves strategic and multilateral cooperation, with both nations supporting one another in international forums. They share a mutual commitment to pursuing sovereign paths to development, firmly rejecting imposed orders that fail to consider unique national contexts.
She said China has emerged as a global leader in sectors such as artificial intelligence and space exploration, and Pakistan must strive to align more closely with these advancements.
Nadeem Naqvi, the Managing Director of the Pakistan Stock Exchange (PSX), in his speech emphasized the enduring and robust relationship between the PSX and China. He highlighted the pivotal role of three major Chinese exchanges—namely the China Financial Futures Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange—which serve as key shareholders in the PSX.
He pointed out that over the past seven years, the PSX has experienced substantial benefits from Chinese investments and expertise, particularly through advancements in technology transfer. He noted that Shenzhen’s state-of-the-art trading engine was introduced to the PSX at a minimal cost, significantly enhancing the operational capabilities of the exchange.
Furthermore, Naqvi elaborated on the PSX’s ongoing initiatives, mentioning plans to display Pakistan’s stock market data on Chinese investor screens within the next six months. He also discussed the exploration of cross-border products, such as Exchange-Traded Funds (ETFs), as a means to further enhance collaboration between the two nations.
Highlighting the opportunities available, Naqvi stated that Pakistan’s stock market stands out as one of the top performers globally, thereby presenting compelling investment prospects for Chinese investors. He also emphasized that Pakistan’s fixed-income securities offer attractive returns, providing another viable investment avenue for Chinese institutional investors.
Expressing optimism, Naqvi conveyed his belief in the tremendous potential for further collaboration, including the prospect of listing Chinese companies involved in Pakistan on the PSX, thereby strengthening economic ties even further.
Members from the China Economic Net (CEN) team, with Ms. Wang Kai attended the seminar virtually. Among the key speakers were prominent figures such as Mahmood Nawaz, President of the Sindh Agri Board, Ali Farid Khawaja, Chairman of K Trade, Ali Hussain, Director of The Organic Meat Company, and Danish Lakhani and Muhammad Ali Khawaja.
The speakers spoke highly of the enduring Sino-Pak friendship, underscoring the numerous benefits derived from the China-Pakistan Economic Corridor (CPEC), which stands as the flagship project of the Belt and Road Initiative (BRI). They praised China’s impressive technological advancements and robust economic growth, extending heartfelt congratulations to the Chinese leadership and the nation on the momentous occasion of the Diamond Jubilee and the 75th founding anniversary of China.
Copyright Business Recorder, 2024
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