ISLAMABAD: Senate Chairman Syed Yousuf Raza Gilani has stressed the need for promoting regional connectivity and cooperation in order to cope up with the fast-paced geo-economic and geo-strategic transitions at regional and global levels and harness our collective strengths for economic progress.

He was speaking as a chief guest at the launching ceremony of reports of China Chamber of Commerce in Pakistan (CCCPK). He said that the reports ‘The Glorious 11 Years – How Chinese Companies Reshaped the Power Sector in Pakistan” and “Business Climate Index of Chinese Companies in Pakistan’ were success stories.

“Pakistan seeks to strengthen regional cooperation by fostering economic ties with our partner nations and China stands at the very top,” the Senate chairman remarked, adding that Pakistan’s strategic location, coupled with rich natural resources and sizeable workforce, made it an attractive destination for foreign investment.

He underlined the need for business to business linkages as such sustainable partnerships can attract foreign direct investment, technology sharing, and knowledge exchange schemes between the two nations. He commended China Chamber of Commerce in Pakistan for organising the all-important event to launch their two special reports and said that these reports served as a much-needed source of understanding the contributions, operating status and investment confidence of Chinese companies working in Pakistan.

Says Pakistan fostering economic ties with partner nations with China standing on top

The reports showcase the commitment of CCCPK to promoting economic growth and business development in Pakistan through 122 Chinese companies working in the country, comprising both state-owned and private enterprises, he stated.

He said Pakistan offers immense potential for trade, investment, and joint ventures in areas such as energy, infrastructure, agriculture, and technology while government is playing its role in providing a conducive environment for businesses to flourish.

Mr Gilani said that organisations like CCCPK are leading the way for prosperity and positive outcomes through economic cooperation, and Pakistani local entrepreneurs and companies can learn a lot from their Chinese friends.

He noted with satisfaction that the Belt and Road Initiative and the China-Pakistan Economic Corridor had tremendously shaped the energy and infrastructural landscapes of Pakistan.

He observed that as the CPEC ushered in phase 2 development, the bilateral cooperation will further expand into agricultural modernisation, industrial growth, mining and mineral resources exploration, science and information technology, educational and cultural partnership, thus transforming Pakistan’s socioeconomic development.

The Senate chairman also mentioned the Global Development Initiative, launched by President Xi Jinping in the post-Covid world, and said that the timely initiative institutionalised the cooperation required for implementing the Sustainable Development Goals.

“It is a matter of satisfaction that China shares aspirations with Pakistan in achieving the SDGs,” he remarked.

He also underscored the need to enhance people to people connectivity and cultural linkages for realising the common goal of an integrated, peaceful and cooperative region. He also thanked Wang Huihua, Chairman of the China Chamber of Commerce in Pakistan, and other team members for organising the event.

Chairman of the Senate Standing Committee on Finance and Revenue Senator Saleem Mandviwalla emphasised the significance of regional economic integration in light of the evolving global economic landscape, highlighting the critical role of CPEC in transforming Pakistan’s energy and infrastructure sectors.

He lauded Chinese investment as a key driver in addressing Pakistan’s power shortages and creating jobs, reinforcing the deep, strategic partnership between the two nations, which continued to thrive through initiatives such as the Belt and Road Initiative.

Published in Dawn, October 15th, 2024