https://arab.news/9uxtu
- Over 2,000 companies from 107 countries are taking part in fair scheduled to run till Sept. 20
- Pakistani minister says trade fair to serve as “excellent opportunity” for investment in country
ISLAMABAD: Around 150 Pakistani companies are taking part in an international service trade fair being held in China, Pakistan’s privatization minister said this week, announcing that the event would serve as an “excellent opportunity” to enhance investment in the South Asian country.
The China International Fair for Trade in Services (CIFTIS) 2024 kicked off in Beijing on Sept. 12, Thursday. Scheduled to run till Sept. 20, over 2,000 companies from 107 countries around the world are taking part in the international event. The fair reflects China’s eagerness to work with the international community to seize opportunities in a fast-evolving global economy.
China is an important trade and investment partner for Pakistan. Chinese investment and financial support since 2013 have been key for Pakistan’s struggling economy, including the rolling over of loans so that Islamabad is able to meet external financing needs at a time when its foreign reserves are critically low.
In his virtual address to the fair, Pakistan’s Investment and Privatization Minister Abdul Aleem Khan spoke about the “ample scope” for investment in agriculture, livestock, food processing and minerals sectors in Pakistan.
“Abdul Aleem Khan said that this international event will be an excellent opportunity and positive step for investment [in Pakistan] with great expectations,” Pakistan’s privatization ministry said in a press release.
It said that Pakistan would ensure all possible support for investments from China, adding that the country was keen on availing opportunities offered by special economic and export processing zones.
Khan noted that Pakistani companies were getting more opportunities to increase their business-to-business activities with China to establish or shift industries to Pakistan.
“He indicated that under CPEC, transport, infrastructure, energy and communication in Pakistan has been developed visibly and there has been a significant improvement in these sectors,” the ministry said, referring to the China-Pakistan Economic Corridor project.
CPEC is a flagship of Beijing’s Belt and Road Initiative through which it has pledged over $60 billion in investment projects in Pakistan. Various power and infrastructure projects have already been built in the South Asian country under CPEC but the implementation of various projects has slowed in recent months.
Pakistan’s Prime Minister Shehbaz Sharif visited China in June on a five-day trip. Sharif’s visit was aimed at upgrading and enhancing CPEC projects, strengthening bilateral ties and fostering stronger ties between the business communities of the two countries.