CIIE 2019 Opens New Doors for Pakistani Firms and Investors
CIIE opened new doors for Pakistani companies to enter the ever-growing market of China
The Second China International Import Expo (CIIE) 2019 welcomed vast numbers of firms and investors from Pakistan and other nations across the globe to participate in the mega-event.
From November 5 to November 11, CIIE opened new doors for Pakistani companies to enter the ever-growing market of China, and exhibit their different products and services to attract potential Chinese consumers.
The event marked a remarkable step of the Government of China towards building an open economy.
President Xi Jinping attended the opening ceremony of the second CIIE and delivered the keynote speech. The Expo is a representation of President Xi’s vision of “New Era of Shared Future.”
The Expo attracted thousands of different companies and business organizations from all over the world. Over 3,000 enterprises from about 150 countries and regions have signed up for this year’s CIIE. They included more than 250 of the world’s leading companies.
Thirty-five firms from Pakistan participated, according to Abdul Razak Dawood, Prime Minister’s Advisor on Commerce, Textile, Industry, Production, and Investment of Pakistan, who led the Pakistani delegation. The businesses set up stalls to display their products, such as home furnishing, leather and sports goods, surgical equipment, textiles, and other goods.
A Pakistani fashion show featuring the latest eye-catching designs was staged alongside the conferences, the South China Morning Post reported.
The Expo provided excellent opportunities to deepen cooperation with China. For Pakistani companies, the Expo offered a platform to initiate business promotions of their products and increase new linkages with Chinese consumers and companies.
The Free Trade Agreement (FTA) between China and Pakistan under the umbrella of the China Pakistan Economic Corridor (CPEC) has resulted in the decline of the Pakistani trade deficit with Chiina. The volume of exports from Pakistan to China has surged and reduced the trade deficit by $3.2 billion, according to the statistics of the Ministry of Commerce Pakistan.
For enhancing business prospects between China and Pakistan, the advisor spoke before local and international media on trade and investment opportunities in Pakistan during the Expo.
He also attended the ministerial meeting of the World Trade Organization and was expected to hold a bilateral meeting with the Chinese Minister of Commerce in Beijing as part of the trade and commerce cooperation with China.
In the last few decades, Pakistan’s economy suffered a huge decline in the export sector mostly due to political instability, terrorism, and the energy crisis. Being an agricultural country, most of its economy was based on agricultural products. The industrial sector was also experiencing a downturn, especially the textile and leather industries which are in desperate need of revitalization.
The present government of Pakistan under the leadership of Prime Minister Imran Khan has shown its full commitment towards the restoration of the agricultural and industrial sectors along with the promotion of local products.
President Xi Jinping and PM Imran Khan have continuously agreed on mutual cooperation and strengthening of bilateral trade in various sectors. Tariffs on different agricultural products exported from Pakistan were removed through various agreements under the CPEC project. Such measures are seen to promote trade between the two countries.
As part of the promotion strategy, Pakistan also participated in the International Horticulture Exhibition held in Beijing from April to October 2019. Pakistani agricultural and merchandise products displayed at the event gained a lot of recognition from netizens.
Huge economic benefits and implications can be expected from collaborations like the CIIE, for the all-weather strategic partners. Projects like One Belt and One Road (OBOR) and CPEC have paved the way for the economic growth and development of Pakistan through increased socio-economic and political engagements with China. The trade volume between Pakistan and China is expected to reach $20 billion in the near future under the bilateral trade agreement. The agricultural and industrial products of Pakistan are anticipated to access and capture the China market through this Expo.
These initiatives between the friendly neighbors are seen to bridge the gap in terms of trade and the promotion of products on a long-term basis.
The second CIIE will not only provide a platform for Pakistan to boost exports to China but also further enhance the socio-economic and strategic partnership between the brotherly nations, fulfilling the notion of “New Era, Shared Future.”
Dr. Imran Ur Rahman is an Associate Professor at Leshan Normal University and Senior Research Fellow at Centre for Trans-Himalaya Studies
Editor: Cristina Pastor