FPCCI irked as Chinese president’s visit delayed

Chamber chief says such setbacks will hurt economy.

KARACHI:

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zakaria Usman has expressed his concerns on postponement of the Chinese President Xi Jinping’s visit to Pakistan.

He said that it is a setback to economic development and will be a step back for ongoing projects in various fields. Jinping postponed his visit due to the ongoing political crisis between the government and demonstrators.

The Chinese premier’s visit was expected to garner investment worth $34 billion in the energy sector of Pakistan and it was agreed 24 Memoranda of Understanding (MoU) were to be signed.

The Exim Bank of China has already provided $800 million to Pakistan as financial support for carrying out its development projects, mainly in energy and transport sectors. China is also investing heavily in the construction of the Pak-China economic corridor.

Usman said that as our time tested ally, Chinese assistance in the development of sea port, mining projects, power generation, bio-technology, fishing sector, corporate farming and science and technology is vital.

Pakistan and China have enjoyed amicable economic relations in the past. With China providing Pakistan technical and financial assistance for some of the major projects like Karakoram Highway, Heavy Mechanical Complex, Forge and Foundry Project, Heavy Rebuild Factory, Guddu Thermal power station, and assistance in agriculture sector.

“Domestic politics should not affect our foreign relations; three heads of state, Sri Lanka, the Maldives and China have cancelled their visits to Pakistan due to unrest in the capital,” said Usman

He emphasised that economic and foreign relations should not be affected by political confrontations and economic planning and development should be separated from politics.

Usman further highlighted that this matter should be brought to the attention of the national assembly so that such economic setbacks can be prevented in the future.

Published in The Express Tribune, September 6^th, 2014.

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