Pakistan's desire for stronger ties with China reflects the mutual benefits and shared interests that exist between the two nations. This strategic partnership encompasses various areas such as economic cooperation, infrastructure development, renewable energy, and cultural exchanges, said Pakistan's Ambassador to China Khalil Hashmi.
In an interview with China Economic Net, Hashmi elaborated the flourishing China-Pakistan Economic Corridor (CPEC) and Belt and Road Initiative, emphasizing the need for enhanced industrial cooperation, trade, and investment between the two nations. The Ambassador identified the key areas of focus, including agriculture, information technology, livelihood, and green development, aligning with the priorities outlined during Chinese Vice Premier He Lifeng's recent visit to Pakistan from July 30 to August 1, 2023.
"We need to quickly improve our productive capacity because the Phase-1 of CPEC was primarily to develop infrastructure and energy. In terms of the next phase of CPEC, it is the establishment of five corridors, the corridor of growth, innovation, green development, livelihoods, and inclusiveness. These are all areas which are in alignment with our priorities," he stated. Khalil Hashmi said that the recent trade protocols signed between China and Pakistan opened up around $30 billion market for Pakistan, covering items such as heated beef, dried chili, Pakistani dairy products, and animal skins.
The Ambassador commended China's efforts for creating and enabling conditions for trade, including regulatory adjustments and the provision of dedicated officers in the Chinese embassy to assist Pakistani exporters. "We spent a lot of effort organizing a very successful agriculture exhibition in Pakistan, in which many Chinese and Pakistani companies and individuals participated. B2B exchanges are another tool to promote bilateral trade," Hashmi said. Addressing Pakistan's commitment to green and sustainable development, the Ambassador outlined the nation's efforts in the renewable energy sector. He highlighted projects such as hydroelectric power generation and collaborations with China to expand solar energy capacity.
The Ambassador stressed the importance of international support and financing to achieve these ambitious goals. As for renminbi settlement in China-Pakistan trade and how to strengthen cooperation in banking and financial industries between the two countries, he said the currency swap that Pakistan had with China was very positive for trade settlement. "We are looking to enhance trade cooperation in renminbi in the future. Other than that, in terms of enhancing financial banking relationships, the key is to have more cooperation. Our banks are present in China and Chinese banks are present in Pakistan. We are working on digital banking payments and also other online means to promote financial cooperation between our two countries, allowing companies and individuals to do their transactions online securely and productively," he added.
