ISLAMABAD, Nov 8: Pakistan and China have agreed to enhance trade and economic cooperation between the two countries in public and private sectors.

This was stated by the Finance Minister Shaukat Aziz while speaking at a news conference here on Saturday.

He said Chinese Exim Bank has agreed to extend concessional and preferential credit line of $500 million to enhance exports and imports between the two countries.

The chairman of the Bank will visit Pakistan in January next year to sign an agreement in this regard, he added.

Mr Aziz said the China Development Bank has also expressed its interest to finance infrastructure development activities in Pakistan.

He said both the countries had signed a preferential trade agreement during his visit to China. Under this agreement China will give concession on import of 893 items from Pakistan while it will get concession on 200 items.

Mr Aziz said, China will send 100 engineers to take hydrological survey in Thar Coal Project field. He said a delegation of the Chinese state run oil company will also visit Pakistan in January to study and exploit opportunities in oil and gas exploration.

He said, Pakistan has also offered China to set up an exclusive export processing zone in Pakistan as Pakistan has huge human resources which can help reduce production cost of various products.

Speaking on the occasion, the Minister for Investment DR. Abdul Hafeez Sheikh said Pakistan and China had signed 20 agreements which include MoUs, Letter of Intent and joint venture agreements.

He said these agreements will help bring $220 million Chinese investment in Pakistan. He said, South Korea has also agreed to enhance trade and economic cooperation with Pakistan.—PPI