20000404

'China's focus on

uplift of West to

benefit Pakistan'

RECORDER REPORT

KARACHI: Ma Yue, Vice Chairman of China Council for the Promotion of International Trade (CCPIT), has assured that China is "ready to play an active role in the economic reconstruction of Pakistan and under China's latest policy shift to accelerate the "development of West" Pakistan stood to gain tremendously.

Speaking at the first meeting of Pakistan-China Joint Business Council at the Federation House here on Monday, he said that in the next few years, China's thrust would be on the economic development of midwestern regions. During the process, the whole west would be full of opportunities, and because Pakistan was next to China's west, Ma Yue hoped "to see more Pakistan business people would take these opportunities and play an active role in the process. The early you come, the more you will benefit", he said.

The Chinese business delegation to the Joint Business Council is composed of the decision-makers of the large-scale state-owned industrial and trade enterprises, import and export corporations and directors of manufacturing businesses. They sincerely hope to find the opportunities to discuss and pursue cooperation with the business people in Pakistan.

About China's economic development and Sino-Pakistan Cooperation, Ma said, during the past two decades since the adoption of opening-up and reform policy, China's GDP had increased by 4.9 times, with an average growth rate of 9.7 percent. In terms of gross economy, China now ranked 7th in the world, up from 11th in 1970s.

Last year, China's economic growth maintained its momentum foreign trade experienced a recovery, with trade volume totalling $360.7 billion and foreign exchange reserves totalling $154.5 billion. It can be predicted that China will make more stable, more open and more powerful strides in the coming century.

Ma Yue said China and Pakistan had maintained fine political relations since 1950. According to the Chinese statistics, the bilateral trade volume totalled $971 million, up 6.6 percent over last year; the service trade experienced smooth development, China had signed 586 contracts with Pakistan, with a contracted capital of $4.011 billion by the end of 1998. There are now more than 20 Chinese funded enterprises in Pakistan.

However, considering the friendly relationship between the two economies, Ma said, the size of cooperation is far from enough.

The third session of China's National People's Congress that has just concluded passed a resolution on development of China's west. The west region has a massive size, rich resources, immense market and a huge potential.

To this end, the state will adopt more effective measures to accelerate the speed of reform, and opening up and improve the investment environment to attract more capital from home or abroad, and attract more technology and human resources to be involved in the construction of the west. For the time being, emphasis in the development of west, will be on construction of infrastrucre and ecological protection. Priority will be given to the local industry.

Earlier in his address of welcome, Fazal-ur-Rehman Dittu, President FPCCI expressed the hope that the joint session will review the issues relating to increasing the bilateral trade and economic cooperation between our two friendly countries.

Dittu emphasised that there was need for establishing a forum under the aeigs of the Pakistan-China Joint Business Council to resolve the commercial dispute arising between the businessmen of the two countries. He expressed happiness that a draft proposals for setting up a Pak-China Joint Arbitration Commission would be considered by the Joint Business Council in its meeting.

Pakistan and China should also consider the possibility of opening up of branches of their national banks in each other's country. For instance, a branch of Bank of China can be opened in Pakistan whereas a branch of National Bank of Pakistan can be established in Beijing, Dittu said.

Mazhar Ali Nasir, Sr. Vice Chairman of Pakistan-China Business Council FPCCI in his speech hoped that the visit of CCPIT delegation would further consolidate trade and economic relations between our two countries and open up new avenues of mutual cooperation.

Later, papers on "Prospects of trade and joint venture cooperation between Pakistan and China were presented by Pakistan and Chinese sides both.