Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) has forged a historic partnership with the China Council for the Promotion of International Trade (CCPIT), Liaoning Sub-Council, by signing a Memorandum of Understanding (MoU) focused on enhancing bilateral economic cooperation. This strategic initiative is expected to create new opportunities for businesses in both nations, fostering mutual growth and prosperity.
Liaoning, a key industrial province in China, stands out as a significant partner for this collaboration. With a GDP of $370 billion, it ranks as the world’s third-largest industrial base. The province hosts a range of thriving industries, including aviation, pharmaceuticals, automobile manufacturing, and skill development platforms, making it a natural ally for joint ventures and trade expansion.
ICCI President Nasir Mansoor Qureshi underscored the critical role of technology transfer in transforming Pakistan’s manufacturing capabilities and increasing exports. Highlighting Pakistan’s extensive reserves of precious gems and stones, he emphasized the importance of joint ventures in sectors such as automobiles, aviation, pharmaceuticals, and mining. According to Qureshi, addressing Pakistan’s urgent need for foreign exchange earnings hinges on adopting internationally competitive manufacturing practices. He proposed that China could utilize Pakistan as a strategic base for producing and exporting medicines to global markets, provided that advanced manufacturing units are established locally, ensuring mutual benefits for both nations.
Chengzhi Ma, Chief Representative of CCPIT Liaoning, assured support for transferring essential technologies to local investors. He also announced the near completion of a Gems and Jewels Display Center in Islamabad, which will serve as a hub for exporting value-added products and providing training for local entrepreneurs and workers.
In a virtual session, Haseeb ur Rehman, representing Fuji Foundation and Askari Bank in Beijing, highlighted the importance of enhanced connectivity to fully realize the potential of this collaboration.
The Chinese delegation included notable figures such as Pu Qian, Economic and Trade Representative, and Andy Liu, a CPEC investment expert and banker. On the ICCI side, Senior Vice President Abdul Rehman Siddiqi, Vice President Nasir Mehmood Chaudhry, and several Executive Members, including Malik Mohsin Khalid, Ishaq Sial, Irfan Chaudhry, Umer Khayyam and Zulqurnain Abbasi, attended the event. Distinguished participants also included, former ICCI SVP Tauseef Zaman, and Chaudhry Javaid Sabir of Zarima Investment LLC, Kyrgyzstan.
This landmark MoU represents a pivotal moment in Pakistan-China relations, laying the groundwork for substantial economic benefits and reinforcing the enduring partnership between the two nations.
