LAHORE, April 19: A 17-member LCCI delegation, which was on a visit to China, has signed an MoU with China Council for the Promotion of International Trade, a subsidiary of the China Chamber of International Commerce, for increasing business cooperation and relations between the two countries as well as both the organisations.

Senior vice-president Abdul Basit signed the MoU on behalf of the LCCI, while the China Council for the Promotion International Trade was represented by its deputy president Zeng Kai Zhang, according to a news release issued by the LCCI.

LCCI executive committee member Shafqat Saeed Piracha, honorary consul general of Thailand in Lahore Zia H. Rizvi, Dr Mustafa Kamal, Dr Abdul Karim and Sheikh Khalil Haider were also present on the occasion.

As per the MoU, both the organisation would work together for improving trade and economic relations between the two countries. Both the sides would adopt new strategy for exchange of information relating to their respective markets.

The MoU would help facilitate exchange of trade delegations between the two countries. The LCCI and the China Council for the Promotion International Trade would also launch joint research operations for exploring possibilities of trade and investment.

Zeng Kai Zhang said on the occasion the MoU would go a long way for more Chinese investment in Pakistan. China was not a new destination for Pakistanis as most of the businessmen had already experienced different facets of it.

In his speech, Mr Basit threw light on various issues that need to be tackled on priority basis for the promotion of trade and investment. He particularly took up the visa problem with his Chinese counterpart.

He said active engagement of the business community, frequent exchange of economic and trade delegations to identify the areas of mutual interest, organisation of single country exhibitions and exchange of information between countries were effective tools of growing together.

He said Pakistan was a gateway to the Central Asian states, which could be served well from Pakistan. Any investment made in Pakistan would have access not only to these landlocked countries but to all the countries in the region.

He said Pakistan had transformed itself into a stable regional economy and an investment-friendly state and it was high time that the foreign investors take advantage of the situation. Almost all the economic sectors had been opened for direct foreign investment.

He said the policies had been so liberalised that foreigners had free access to the stock markets and there were no restrictions on repatriation of profits.

He said there was no limit on equity held by foreigners and no requirements for entering into joint ventures with Pakistani businessmen.