BEIJING: An online pavilion of Pakistan will be established at 4th China International Import Expo (CIIE), which will be held offline and online in Shanghai from November 5 to 10 this year.
Pakistan Ambassador to China, Moin ul Haque will lead the Pakistani delegation at the opening ceremony of the Expo.
A number of Pakistani exhibitors, who are already in China, have geared up their preparations to participate in the upcoming expo.
They will set up stalls to showcase popular household gadgets from Pakistan to the Chinese market, Pakistan Counsel General, Shanghai, Hussain Haider told state new agency.
This year, the traders and businessmen from Pakistan are not coming to China owing to travelling restrictions and quarantine in wake of Covid-19 pandemic, he added.
A few Pakistani enterprises specialized in jewellery design, furniture and artistic handicrafts will attend this year’s expo. Among all the exhibits, stunning gems and jewellery from Pakistan is likely to become a big hit with the Chinese buyers.
More than 200 exhibitors and over 500 purchasers will be participating in the expo this year. As the first dedicated import exhibition globally, the CIIE has yielded fruitful outcomes from the past three expos.
Shu Jueting, spokesperson of China’s Ministry of Commerce, said the exhibition area exceeded 360,000 square meters, and the number of signed exhibitors exceeded that of the previous year, adding that over 80 percent of the Fortune 500 and industry-leading companies from last year’s CIIE will participate again in this year’s event.
According to the customs, more than 200 batches of exhibits are expected to enter the country by sea, air and rail in the coming month.
Gu Honghui, deputy secretary-general of the Shanghai municipal government, said efforts will be made to ensure the COVID-19 prevention and control is more precise, urban service more refined, and the spillover effect of the CIIE brand more prominent during the expo.
BEIJING: Moin ul Haque, Pakistan Ambassador to China, on Wednesday said that Pakistan is planning to enhance automobile annual production from 0.25 million to eight million units during next five years.
“It is a bit ambitious target but it is possible to achieve this target due to the yearly growth in production as well as interest showed by different automobile companies from across the world especially from China which plans to invest in Pakistan,” he said while addressing Pakistan Automobile Industry Roundtable Seminar held at Pakistan Embassy, Beijing.
The representatives of over 50 renowned automobile companies from different parts of China attended the seminar.
While addressing the participants, the ambassador said that a number of the Chinese companies are already in Pakistan in automobile manufacturing sector while up to 10 new companies have showed interest to invest in Pakistan and are in the process of having joint ventures with their local partners in the private sector.
He informed that the government is formulating a new and very attractive automobile sector policy which will be announced soon, adding, more incentives and concessions in taxes are likely to be offered in the new policy.
Ambassador Haque said that automobile companies including manufacturers of energy vehicles from China will be invited to set up their plants both in the Greenfield and Brownfield sectors.
Giving details about the automobile sector in Pakistan, he said that the automobile is the fastest growing sector in Pakistan because of the large demand in view of the population which is close to 220 million people.
In the past, the Japanese manufacturers had set up their production units but in the recent times the Chinese automobile companies also started looking at the opportunities available in Pakistan.
He said that China is now becoming one of the leaders of automobile manufacturer in the world with very high quality products and expressed the pleasures that the Chinese companies have also entered to the Pakistani automobile market.
While sharing the opportunities under the China Pakistan Economic Corridor (CPEC), he said that the flagship project of the Belt and Road Initiative (BRI) has entered into the second phase which is focusing industrialization, science and technology and agriculture sectors.
“We are setting up special economic zones where we are inviting the Chinese investors to come and set up their manufacturing units,”he added.
Ambassador Haque said that special incentives and policies have been announced for the Chinese companies and so far close to 100 Chinese companies have already established are in the process of establishing their units in the special zones.
He said that the infrastructure like roads, highways and communication network is being upgraded in Pakistan and invited the Chinese companies to take advantage of all these incentives and expand their presence.
Welcoming the representatives of the automobile companies, Commercial Counselor, Badar uz Zaman said that the new automobile policy for years 2021 to 2026 will soon be announced offering more incentives and benefits to local and foreign investors.
He informed that under the current automobile a number of new companies particularly Chinese manufacturers entered in Pakistani market.
Badar said that a number of Chinese companies are already setting up their businesses in Pakistan while some new companies are keen to invest in Pakistan owing to investment friendly policies offered by the present government.
He informed the companies that government has formulated rules and regulations which support the foreign investment in Pakistan.
Badar also shared details of the incentives, concessions in the taxation and easy repatriation of profits.
“Many local companies listed with the stock exchange are very keen and are looking forward to the Chinese partners for the joint ventures,” he added.
He said that there are over 600 auto parts manufacturers who are also supplying the parts to the existing players, adding, “We offer very comprehensive auto financing policies and the banks are very active.
And the amount that has been financed in cars is three times more than the housing finance in Pakistan.”
The commercial counsellor also shared with the companies details of concessions on taxes, duties and particularly cheap labour.
He said that in the current global scenario when there is a supply chain shock, and it is difficult to move things from one place to another place, it is right time for the Chinese investors to take advantage of Pakistan location, low wages and other benefits.
Later, representatives of the companies who are already operating in Pakistan shared their experiences and put forward some useful proposals.
Some new companies which plan to enter into Pakistani automobile industry asked questions and more details about the policies.
The representatives of Anhui Jianghuai Automobile Group, Beijing Henrey Auto, Hozon New Energy Automobile, BAIC Intl, Great Wall Motor Company, Beijing Sanxing Automobile, Foton Motor Group, Tianjin Tianqi Group Meiya Automobile, Zhongtong Bus Holding Co., Youtong Bus, Dongfeng Motor Company, Jiangxi Jiangling Motor, Xiamen Golden Dragon Bus Co., Liaoning Aerospace Automobile Co., Wolkswagen Group, Geely Automobile International Corporation and others attended the seminar.
ISLAMABAD: Pakistan on Thursday assured the World Bank of taking measures to reform the power sector in the country with special focus on reducing circular debt.
Federal Minister for Finance and Revenue Shaukat Tarin held a meeting today with Axel van Trotsenburg, Managing Director World Bank and the Bank’s Pakistan team at the World Bank Headquarters in Washington DC.
Dr. Asad Majeed Khan, Ambassador, Dr. Murtaza Syed, Deputy Governor SBP and Mr. Naveed Kamran Baloch, Alternate Executive Director, World Bank were also present.
Omar Ayub Khan, Federal Minister for Economic Affairs and Mohammad Hammad Azhar, Federal Minister for Energy joined the meeting virtually from Islamabad, says a press release received here from Washington DC.
The finance minister appreciated the Bank’s support to Pakistan over the decades and acknowledged the continuing support being extended to Pakistan.
He highlighted the measures taken by the Government to accelerate completion of projects funded by the Bank which were in the pipeline, with special focus on agriculture, housing and construction sectors.
The finance minister assured that the Government was also keen to reform the power sector in the country with special focus on reducing circular debt.
The finance minister reiterated that the government is fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of the society.
Minister for Energy Hamad Azhar shared the measures being taken by the Government to reform the power sector and rationalize power sector subsidies.
MD Axel van Trotsenburg informed the delegation on the importance that the Bank places on cooperation with Pakistan and said that the Bank was looking forward to continuing the bilateral cooperation in the future.
He said that the Bank was partnering with Pakistan in implementing one of the largest programme by the Bank for Pakistan and acknowledged that a lot of progress has been made on implementation of structural reforms in various sectors.
MD Axel van Trotsenburg also conveyed gratitude and appreciation for the Government’s assistance in the timely and efficient transiting of the Bank’s staff from Kabul.
ISLAMABAD: Turkish Government has further eased quarantine regulations for Pakistani nationals intending to travel to Turkey.
Announced on September 2, these regulations will become effective from September 4, says a press release received here on Friday Ankara.
Irrespective of vaccination status, all passengers will submit a negative PCR test result that should be made at most 72 hours before their entry into Turkey.
As per the new regulations, passengers arriving from Pakistan who will have documentary proof of COVID-19vaccination will be exempted from quarantine.
Such vaccination should be of two doses approved by the World Health Organization (except for Johnson & Johnson which is a single dose).
Quarantine exemption will be applied to those vaccinated whose last dose was administered at least 14 days before their travel.
Pakistani travelers who cannot provide proof of vaccination will be quarantined in their residences or addresses that they will declare, tourists will quarantine at their booked hotels.
They will be PCR tested on the 10th day of the quarantine period and in case of a negative result, the quarantine application will be terminated.
The persons who do not take a PCR test on the 10th day will be kept under quarantine for 14 days. In case the test results are positive, the case will be dealt with as per the guidelines of the Turkish Ministry of Health.
Before the Turkish Government announced these revised regulations, the Pakistan Embassy was in constant touch with the relevant Turkish authorities, sharing the status of vaccination and measures in place in Pakistan for controlling the spread of COVID-19 infections.
The Pakistan Missions in Turkey are available to assist our nationals to the best of our abilities. An English translation of the complete notification of the Ministry of Interior of the Turkish Republic is attached for reference.
ISLAMABAD: The Korean EXIM Bank will sign a new framework arrangement with Pakistan (2022-2026) for enhancing financing to $1 billion.
A high-level Korean Delegation, led by Chong Hwa Lee, Director General, Ministry of Economy & Finance, Republic of Korea called on the Minister for Economic Affairs Omar Ayub Khan in his office during their 2-days visit to Islamabad.
The Korean delegation informed that EXIM Bank would soon sign a new Framework Arrangement with Pakistan (2022-26) for enhancing existing level of financing from $ 500 million to $ 1 billion for implementing new projects in road sector, climate change, healthcare and IT Sector development.
H.E. Suh Sangpyo, Ambassador of the Republic of Korea in Islamabad and representatives of Korean EXIM Bank also participated in the meeting.
The Minister for Economic Affairs appreciated the role played by EXIM Bank for financing various development projects in Pakistan. The Minister expressed that Pakistan desired to implement more development projects in IT, social sector and infrastructure under Korean financing facilities.
“The mobilization of financial resources from the Exim Bank would contribute in social and economic development of Pakistan”, the minister added.
At present, five development projects i.e. Technology Park in Islamabad, Kalkatak-Chitral Road, Chakdara-Timergara Road, Malakand Tunnel and Children Hospital in Sukkar are under implementation with US$ 343 million financing by EDFC/EXIM Bank of Korea.
The Minister for Economic Affairs appreciated the Korean government for their enhanced support for various development projects and disaster management including combating COVID-19 pandemic and locust in Pakistan.
On the sidelines of meeting, a loan agreement for establishment of IT Park in Karachi was also signed.
The total cost of project is around US$199 million. Out of which, the EXIM Bank Korea will provide US$158 million.
This project is aimed at providing IT enabled high tech infrastructure wherein IT companies can work together by leveraging each other’s expertise, foster industry-academia cooperation and promote entrepreneurship in Pakistan.
The IT Park will provide state-of-the-art modern infrastructure to national and international IT firms for establishing their office in Karachi.
The financing agreement was signed by Zulfiqar Haider, Secretary, EAD and Chong Hwa Lee, Director General, Korea.
During this visit, both sides also held Policy Dialogue under EDCF Framework in Economic Affairs Division. Mr. Zulfiqar Haider, Secretary EAD welcomed the delegation and expressed that Government of Pakistan attached great importance for its relations with Republic of Korea and appreciated the efforts made by Korean Exim Bank for financing potential projects in healthcare, road infrastructure development, IT Sector and mitigating climate change.
Both side discussed future roadmap for mobilizing financing for potential projects and ways for expediting implementation of projects.
Chong Hwa Lee, Director General, Ministry of Economy & Finance of Korea thanked Pakistani-side for their hospitality and informed that Government of Republic of Korea would continue its endeavors for mobilizing financial & technical resources for development projects in Pakistan.
Pakistan has taken a significant step towards strengthening digital ties with Shanghai Cooperation Organization (SCO) member states by signing a Memorandum of Understanding (MoU) on Building a Cross-border E-commerce Platform.
KARACHI: The two central banks of Pakistan and Iran should devise a mechanism for swift payment in order to enhance bilateral trade between the two countries.
Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Tuesday while welcoming Hassan Nourian, Consul General of Islamic Republic of Iran in Karachi and Mahdi Amir Jafari, Third Consul for Economic Affairs, at the Federation House, Karachi.
Primarily, the two central banks need to devise a mechanism for smooth and swift payment systems for the bilateral trade as the starting point in the right direction; as that will give confidence to traders on both sides, the FPCCI president added.
The FPCCI is very keen to enhance bilateral trade between the two countries and for that matter removal of the bottlenecks is warranted; namely, lack of banking and financial channels; absence of barter-trade agreements or mechanisms at governmental level and unfair geopolitical pressures.
He explained that the central/state banks of the two countries and apex chambers of commerce and industry need to come closer; and, we can immediately start the consultative processes immediately at various levels through webinars. He also offered FPCCI’s assistance and its platform for making efficient and tangible linkages.
Maggo also requested Export Guarantee Fund of Iran (EGFI) to extend their funding guarantees to more traders with enhanced limits and play a role of a catalyst.
He added that he is worried on the COVID situation in the brotherly country of Iran and hoped that Iranian people will soon overcome the menace on the back of their ever-persistent resilience and high hygiene standards.
On the occasion, Hassan Nourian said that the formal trade between the two countries stands only at $1 billion and it is too low; given the fact that the combine population of Pakistan and Iran is 300 million.
He added that there might be informal trade along the lines; but, the two countries must work in tandem to progressively increase the bilateral trade on a sustainable basis.
Hassan Nourian emphasized that the quality of Iranian products is world-class and Iranian industry buys their plants mostly from best manufacturers.
He also appreciated the willingness of Pakistani Embassy in Iran for supporting enhancement of bilateral trade.
Hassan Nourian pointed out that there is still a huge untapped potential for Pakistani fruits in Iran; particularly, various varieties of mango. He also emphasized that petrochemical industry is very advanced in Iran technologically and can greatly help Pakistan with their foreign exchange strains.
Hanif Lakhany, Vice President, FPCCI, pointed out that tariffs are playing out as a major hindrance; as the tariffs are very high on both the sides; and, that results in rendering bilateral trade uncompetitive.
Nasir Khan, vice president FPCCI, said that during a recent meeting with State Bank Governor, FPCCI raised the issue of lack of banking channels with Iran and the SBP has asked to discuss the matter further in the light of currently in place bilateral mechanisms between Iran and other countries, like China, India, Turkey, etc.
ISLAMABAD: Pakistan has registered an increase in the exports to seven regional countries by 20.50 per cent in the first month of the financial year (2021-2022) as compared with the corresponding month of the last year.
The State Bank of Pakistan (SBP) reported that the countries in the seven regional countries including Afghanistan, China, India, Nepal, Bangladesh, Sri Lanka, and the Maldives.
These countries account for a small amount of $282.020 million which is only 12.49 percent of Pakistan’s overall exports of $2257.042 million in July 2021-22.
China tops the list of the countries in which Pakistan exports goods to its neighboring countries except for Afghanistan and Bangladesh.
There is an increase observed in the exports from Pakistan to China with a growth of 55.26 percent to $165.878 million in July 2022 from $106.775 million in July 2021.
On the other hand, there is also an increase in the exports of Pakistan to Bangladesh by 5.66 percent from $5t51.033 million to $48.297 million.
Yet the exports of Pakistan to Afghanistan have dropped by 38.57 percent to $38.557 million this year from $62.774 million. The exports of the country with India also plunged by 87.81 percent to $0.054 million from $0.443 million because of the suspension of trade relations by the government with Pakistan.
The exports to Nepal also declined by 39.86 percent to $0.273 million from 0.454 million. However, the exports to the Maldives also fell by 1.21 percent to 0.325 million from 0.329 million.
The exports of Pakistan with Sri Lanka increased by 68.55 percent to $235.991 million from $15.420 million in the previous year.
However the imports of Pakistan from seven regional countries have increased by 19.36 percent to $1350.535million during July 2022 as compared to $1131.427 million in July 2021.
BEIJING: Pakistan has a huge potential to enhance rice export to several countries especially China and Pakistani rice export is likely to cross one million tons within two years with increased demand from the Chinese market, said Badar uz Zaman, Commercial Counselor of Pakistan Embassy in China.
“Last year our rice exports to China was 475,000 tons and in quantity wise we are the third largest country while in amount or money wise we are fourth largest rice exporter to China,” he added.
Last year, Vietnam, Myanmar, and Thailand were the top three rice exporters to China, with export of 787,538 tons, 911,231 tons, and 324,642 tons respectively.
China had appeared as one of the top destinations for Pakistani rice with 59 per cent increase of broken rice in last year while semi/wholly milled rice and IRRI-6 and IRRI-9 are the main top two rice varieties imported by China amounted to around $259 million last year.
Badar uz Zaman said the number of registered rice exporters has increased to 53 and within the last two years as 18 new Pakistani rice companies were registered by the General Administration of Customs, China, which shows the huge demand for Pakistani rice in the Chinese market. These companies fully meet the Chinese standard.
He said that IRRI-6 and IRRI-9 types of rice have special Chinese consumer taste, while all commercial sections in China are trying B2B marketing to promote all kinds of Pakistani rice types, and also the products of quality are in demand here.
According to a report released by China-Pakistan Agricultural and Industrial Information Platform (CPAIC), Pakistan has already become one of the top rice producers and exporters in the world.
The rice grown in Pakistan is mainly divided into Basmati rice and non-Basmati rice. Basmati rice, with slender and elongated grains, aromatic taste, and soft and fluffy texture when cooked, is one of the most favored high-end rice varieties in the international market.
Pakistan is the most important growing area of Basmati rice besides India and Bangladesh.
Hybrid rice breeding assisted by China is elevating Pakistani rice yield to a new height.
Honglian hybrid rice developed by Wuhan University and harvested in eight demonstrative plots in Pakistan has demonstrated ability to raise production by two times.
A rice variety bred by China’s Yuan Longping High-tech Agriculture Co., Ltd. in collaboration with Guard Agriculture Research and Services are anticipated to double the rice production in Pakistan from 2 tons per acre to 4 tons per acre.
Last year, a total of 500 tonnes of hybrid rice seeds from a seed company in east China’s Jiangsu Province landed in Pakistan to help ensure the country’s grain yield.
It may be mentioned here that China permitted imports of Pakistani rice in January 1, 2006. In February of the same year, the first batch of rice shipped from Pakistan.
