ISLAMABAD: China Council for the Promotion of International Trade (CCPIT), Shenyang Sub-Council and Islamabad Chamber of Commerce and Industry (ICCI) Monday signed a memorandum of understanding (MoU) to promote bilateral trade and investment between the two countries.
ICCI President Ahmed Hassan Moughal and CCPIT-Shenyang Sub-Council President Zhao Kai signed the memorandum.
According to the MoU, both sides agreed to keep constant contact and make efforts to promote bilateral trade and economic cooperation between Pakistan and China.
They agreed to exchange regularly market information to explore new possibilities for enhancing business cooperation between their members.
They will assist visits of trade delegations between the two countries and encourage bilateral investment and technology transfer.
Both sides will assist each other in organizing or participating in exhibitions, trade fairs, conferences, business seminars, training programmes and forums taking place in respective countries.
Speaking at the occasion, Zhao Kai said his organization was national foreign trade and investment promotion agency of China and the purpose of signing this MoU with ICCI was to accelerate efforts for promoting bilateral trade and investment between China and Pakistan.
He said the CCPIT has about 150,000 members in China and it would work with ICCI to promote connectivity between the enterprises of both countries.
He said the CCPIT along with a delegation of 35 enterprises of Shenyang City of China has recently participated in an Expo at Karachi and it was planning an Expo at Islamabad next year for which cooperation of ICCI was required.
He said a delegation of Pakistani enterprises should also visit Shenyang city to explore opportunities of business collaboration in investment in China.
Addressing the delegation, Ahmed Moughal said China Pakistan Economic Corridor (CPEC) has created great opportunities for business and investment in Pakistan while in the next phase of industrial cooperation under CPEC, many Special Economic Zones would be established in Pakistan.
He urged that Chinese enterprises should bring in technology and setup joint ventures in SEZs in Pakistan.
He hoped that MoU between ICCI and CCPIT would further strengthen business relations between Pakistan and China.
M Ejaz Chaudhry, former MNA and member of PTI Central Committee said PTI government was very open to investment and Chinese companies should set up business partnerships in Pakistan.
He said Pakistani exporters have also great prospects to promote exports to China and they should take benefit of such prospects.
He assured that he would fully cooperate with ICCI in promoting business relations between Pakistan and China.
ICCI Senior Vice President Rafat Farid, Vice President Iftikhar Anwar Sethi, M Ejaz Chaudhry former MNA and a businessman and others were present at the occasion.