China Economic Net
Beijing: The fifth China International Import Expo (CIIE) being held in Shanghai from November 5 to Nov 10 provides Pakistani companies with a highly effective platform to display their products and to attract more customers, which will increase Pakistan’s exports to China.
The expo also provides an opportunity for Pakistani companies to get themselves aware of the latest trends in production, manufacturing, as well as in consumer preferences, highlighted Hussain Haider, Pakistani Consul General in Shanghai.
Pakistan has been participating in all sessions of CIIE. In the first expo, Pakistan was the guest country of honor. Physical or online national pavilions were set up every year. 6 local-based Pakistani companies are participating in the expo this year in which gemstones, textiles, and handicrafts are the main Pakistani products that would be exhibited.
“We will see more Pakistani companies come for exhibition as the pandemic gets nicely controlled. Besides CIIE, various exhibitions and other platforms in Shanghai also provide excellent opportunities for Pakistani companies to display their products to a huge audience,” the Consul General told China Economic Net (CEN).
China is the second largest destination for Pakistan’s exports. In the first nine months of 2022, Pakistan’s exports to China were nearly 20% higher than in the whole of 2018. Even against the backdrop of a flood-hit economy, Pakistan’s exports to China crossed $2.57 billion in the first nine months of this year, up 2% year on year, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).
The Consul General explained that despite the pandemic restrictions, trade volume has been on an upward trajectory in the past 3 years, which is a very positive sign. It also shows that the China-Pakistan Free Trade Agreement (CPFTA) is proving a catalyst for increasing bilateral trade, particularly Pakistan’s exports to China.
He is optimistic about Pakistan’s potential and believes that the growth momentum will be regained.
The Yangtze River Delta region with Shanghai as its base is a significant trading partner for Pakistan. Various Shanghai-based companies like SAIC Motor and Challenge Textile have invested in Pakistan.
The CG revealed that bilateral trade between Pakistan and Shanghai was USD 1.6 billion last year, which represented a substantial increase over the previous years.
Shanghai is one of the most populous cities in the world, with per capita income higher than any other cities in China.
The CG maintained that the emphasis placed by the Chinese government and the Shanghai Municipal Government on increasing consumption and expanding domestic demand has also created opportunities for Pakistani companies to increase their exports to China, especially to Shanghai.
China (Shanghai) Pilot Free Trade Zone was the first and one of the largest FTZs set up in China, which has played a vital role in the economic and trade development of not only Shanghai but also China.
“Pakistan is setting up special economic zones in different parts of the country under China-Pakistan Economic Corridor (CPEC). Shanghai FTZ can be a very good example for Pakistani developers and companies.
Both sides have huge potential to collaborate in promoting Pakistan to pursue high-quality development,” the Consul General concluded.