Pakistan aims to enhance trade linkages with Hubei

Pakistan Embassy Trade and Investment Counsellor in Beijing Ghulam Qadir said on Friday that Pakistan desires to enhance trade ties with Hubei, China.

Speaking at a seminar titled "Hubei Province Theme Day" at the 2024 China International Fair for Trade in Services (CIFTIS), the counsellor said Hubei fully demonstrates new and quality productive forces, high-quality services, cutting-edge achievements and application scenarios across various fields. "Pakistan is looking forward to further expanding cooperation in these sectors," he stressed.

"Pakistan is uniquely positioned to offer Chinese businesses a range of competitive advantages. We have a wealth of economic resources, favourable policies, a vast and growing domestic market, and access to major regional and global markets. Together, these elements create an ideal environment for Chinese companies to use Pakistan as a hub for exports to other key markets."

Separately, Pakistan's Ambassador to China Khalil Hashmi inaugurated the country's pavilion at the 2024 CIFTIS, which was another joint effort made by China and Pakistan to showcase investment opportunities in Pakistan and further promote bilateral trade.

As chief guest of the event, the ambassador stressed the importance of the pavilion in providing business opportunities to Pakistani stakeholders.

"As one of the major fairs for China's opening up to the world, thousands of enterprises have come here every year. This also highlights the unique appeal and attraction of Beijing as a capital city – one that draws in talent, capital and good management practices. By bringing these elements together, the CIFTIS creates a significant impact and adds more value," the envoy said.

At this year's CIFTIS, around 80 countries and international organisations set up their stalls and held conferences. Also, more than 450 Fortune 500 companies and industry leaders participated in the offline exhibition. To take full advantage of the event, the Pakistani embassy, for the first time, directly reached out to the business community of Pakistan and encouraged them to participate in the exhibition. Consequently, more than 15 exhibitors came to make their debut on the occasion.

The embassy also invited the Export Processing Zones Authority and the Special Economic Zone Authority to showcase the incentives and policies offered to Chinese investors in Pakistan.

"There is an option for Chinese investors to set up manufacturing units in Pakistan and export products to the European Union, where we have good market access, and the Middle East, where we have finalised a free trade agreement," Hashmi told CEN.