President of the United Business Group (UBG), Zubair Tufail, Monday, said that the 75-year diplomatic relationship and enduring friendship between Pakistan and China have evolved into a strong economic partnership.
Pakistan-China trade, investment relations reaching new heights: Zubair Tufail
KARACHI, Jul 20 (APP): President of the United Business Group (UBG), Zubair Tufail, Monday, said that the 75-year diplomatic relationship and enduring friendship between Pakistan and China have evolved into a strong economic partnership.
China is Pakistan’s largest trading partner and investor, while the China-Pakistan Economic Corridor (CPEC) has become a historic milestone in bilateral relations, playing a significant role in Pakistan’s economy, infrastructure, and energy sector.
Pak-China bilateral trade has reached approximately US$24 billion, with China being Pakistan’s largest source of imports, he said elaborating that Pakistan’s exports to China stood at around US$3.5 billion, while imports from China have exceeded US$20 billion.
He noted that under CPEC, more than US$25 billion in direct investment has been made so far, contributing to the development of energy projects, highways, ports, Special Economic Zones (SEZs), and various industrial initiatives.
“CPEC projects have created employment opportunities for more than 75,000 Pakistanis, while adding over 8,000 megawatts of electricity to the national grid, helping to ease Pakistan’s energy crisis,” Zubair Tufail said and emphasized that the time has come to accelerate the second phase of CPEC by focusing on Special Economic Zones, industrial cooperation, agricultural technology, information technology, mining, e-commerce, and green energy projects.
Gwadar Port has the potential to become a major regional trade hub, enabling Pakistan to benefit not only from transit trade but also from logistics, shipping, and exports, he added.
Highlighting significant investment and joint venture opportunities in different sectors for Chinese investors in Pakistan different sectors, he stressed that stronger private-sector engagement, business-to-business cooperation, joint ventures, and technology transfer between the two countries could substantially increase Pakistan’s exports.
The UBG President expressed confidence that the time-tested friendship between Pakistan and China will continue to grow stronger in the years ahead, with both countries achieving new milestones in trade, investment, industry, infrastructure, agriculture, the digital economy, and regional connectivity.
Zubair Tufail also extended felicitations to the leadership and people of China on the 105th anniversary of the founding of the Communist Party of China. He also appreciated the contributions of Feng Deheng, Acting Consul General of the People’s Republic of China in Karachi, for promoting trade, economic cooperation, and people-to-people relations between Pakistan and China.
