Mfarhanonline Business News 
BEIJING: Prime Minister Syed Yusuf Raza Gilani on Thursday highlighted the importance of closer Pak-China economic integration and aimed at increasing the bilateral trade volume up to 15 billion dollars.
“Our bilateral trade touched dollars 9 billion last year. However, the scope of further growth is immense. Our two countries have set a target of attaining 15 billion dollar trade in the coming years”, he said.
“The idea is not only to develop mutually-beneficial bilateral economic cooperation but also to jointly promote intra-regional and trans-regional development partnerships”, Gilani told the corporate leaders and CEOs of the large business and industrial houses in China while speaking at the China-Pakistan Entrepreneurs Forum here.
While addressing the forum, the Prime Minister also said Pakistan and China have touched several important landmarks in the development of bilateral economic and trade relationship.
He termed Pakistan-China Free Trade Agreement as a comprehensive arrangement that covered goods, services and investments.
The Forum was co-hosted by China Council for the Promotion of International Trade (CCPIT) and the Embassy of Pakistan in Beijing.
The Prime Minister, who is in China on a four-day official visit during which he also held talks with Premier Wen Jiabao Wednesday, welcomed the establishment of China-Pakistan Entrepreneurs Forum and said this will further strengthen and facilitate exchanges between both countries business communities.
He said closer economic integration between Pakistan and China was not only “a strategic imperative but accords fully with the dictates of businessgraphy; the concept of shared prosperity; and, above all, the ethos of our peoples.”
The Prime Minister said Pakistan and China are good friends and close neighbours, adding, “our all-weather friendship is deeply imprinted on the hearts and minds of our people.”
He said celebrating the “Pakistan-China Friendship Year” and the 60th anniversary of the establishment of our diplomatic relations depicted the spirit of brotherhood and renewed resolve to taking our friendship and strategic cooperative partnership to ever new heights.
“The bonds that tie our two peoples together have withstood the test of time. While strong winds of political change have swept across our region and beyond, Pakistan-China friendship has stood steady as a rock”, he remarked.
Gilani said Pakistan-China friendship continues to strengthen with every passing day, adding, “Our partnership has assumed a regional and international dimension. We consult, cooperate and coordinate our respective endeavours for the cause of global peace and prosperity.”
He said Pakistan and China rightly take pride in how far they have come together. “The enthusiasm on display in both countries, as we celebrate the 60th anniversary of the establishment of diplomatic relations, is genuinely felt and expressed by our two peoples”, he added.
The Prime Minister said Pakistan takes inspiration from China”s economic transformation that is unparalleled in human history. It has been brought about by the genius and hard work of the talented Chinese people under their wise and sagacious leadership, he added.
He said it is a matter of great satisfaction that economy, technology and trade cooperation between Pakistan and China has witnessed new dynamism, adding, “These are the three most important drivers in the robust growth of our friendship and all-dimensional cooperative partnership.”
Gilani recalled and termed Premier Wen Jiabao”s visit to Pakistan in December last as another landmark in the long and glorious history of Pakistan-China friendship during which the two sides took important decisions and set out a shared economic and trade agenda.
“It was agreed that corporate sector must play a leading role and the two governments must provide a facilitative framework for the flourishing of a mutually – beneficial economic partnership”, he added.
Gilani said the establishment of Pakistan-China Trans-border Economic Zone; upgrading avenues for trade, overland across shared mountains and rivers; steps being taken towards integrated border management; and other related measures, including customs harmonization would enable both Pakistan and China to bring to play and optimally utilize the natural economic complementarities of the two countries.
In the domain of finance and banking, he mentioned the establishment of Pakistan-China Investment Company.
The Industrial and Commercial Bank of China is beginning its operations in Pakistan and has opened branches in Islamabad and Karachi, he said and added the Central Banks of Pakistan and China are now discussing concepts such as the Currency Swap Arrangement.
“This and other related measures will not only facilitate economic interaction but also provide the requisite incentives for the corporate leaders to enter into mutually-beneficial joint ventures”, he added.
Prime Minister Gilani said as China diversifies its economy, with special emphasis on the development of its Western regions as well as shifts to high technology, the economic factors would make it attractive for the Chinese industry to relocate and establish their manufacturing base in Pakistan.
He said Pakistan is a developing country and its strategic priority is development, adding, Pakistan is developing its infrastructure that includes not only upgrading our rail and road links but also building new cities, airports and expressways.
“We are rich in natural resources, which we ought to explore and develop for our economic growth. Our economic fundamentals and growth potential are enormous”, he remarked.
Gilani said hundreds of Chinese corporations and thousands of Chinese friends are already working in Pakistan, adding, “We highly appreciate their endeavours and hard work that is contributing immensely to Pakistan”s economic development.”
The Prime Minister said there is great potential for the participation of Chinese corporations in the development of the energy sector in Pakistan, which includes hydel, thermal and renewable.
“Joint ventures, with equity participation of Chinese corporations and financial institutions, can transform Pakistan”s economic landscape and would certainly prove to be a win-win scenario”, he remarked.
Gilani said Pakistan and China have renewed the joint Five Year Economic and Trade Programme, adding, projects, which are commercially feasible, would qualify for easy credits and such facilitation, as may be required, by both governments.
“I would strongly urge that the whole range of facilitative frameworks already agreed between our two governments, may be studied closely by the Chinese and Pakistani entrepreneurs so that they could avail themselves of the immense possibilities of cooperation that is mutually advantabusinessus”, he added.
Pakistan”s Ambassador in China Masood Khan, Chairman Trade evelopment Authority of Pakistan Tariq Puri and the Vice Chairman CCPIT also spoke on the occasion and highlighted the need and importance of increased business to business interaction between the two friendly countries.
Two agreements and one Memorandum of Understanding (MoU) for the promotion of trade and economic cooperation between the private sectors of Pakistan and China were also signed on the occasion. Prime Minister Gilani witnessed the signing of agreement.
Minister for Defence Ahmad Mukhtar, Law Minister Maula Bakhsh Chandio and other parliamentarians accompanying the Prime Minister were also present on the occasion. (APP)
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