Pak-China trade volume to rise to $10b in 2 years
Source : The Nation Date : October 22, 2013
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LAHORE - China, the major potential market of Pakistani hand-knotted carpet, would help the carpet industry to enhance its competitiveness and tap the future market of China.
This was stated by representatives of Chinese delegation, who after attending a carpet exhibition in India along with Indian carpet industry stakeholders reached Pakistan through Wagha with a view to attend the four-day Pakistan hand-knotted carpet mega show 2013, being opened on Tuesday, Oct 22 at Pearl Continental Hotel, Lahore.
They said that they would be delighted to help the Pakistani carpet industry with its up-gradation, and thereby enabling it to tap the Chinese market.
They said that China has already laid the foundation for establishment of a business development centre in Pakistan, to extend research and development assistance to the Pakistani industry.
They said that FDI worth around $ 769 million have flown into Pakistan from China over the past five years, and some $ 11.7 million have flown in from Hong Kong. During last fiscal itself, around $120.9 million and $ 80.3 million came to Pakistan in FDI from China and Hong Kong, respectively, they said.
They added that the trade volume between the two countries is expected to rise to $ 10 billion over the next two years. Last fiscal, trade between the two countries stood at $ 5.704 billion.
On this occasion, Pakistan Carpet Manufacturers and Exporters Association (PCMEA) newly-elected central chairman Akhtar Nazir Khan Cooki also talked to media after receiving Chinese and Indian delegation at Wagha border.
He said though Pakistan is also in favour of enhancing mutual trade, still it necessitates some foreign direct investment from China.
The PCMEA chairman informed that more than 150 foreign delegates mainly from China, India, Nepal, Spain and Germany have reached Pakistan to participate in this exhibition.
The chief organizer of the carpet show and vice chairman of the PCMEA (NZ) Kamran Razi said besides participation of regional countries, foreign guests including direct importers, interior decorators, architects, home furnishing companies and colour combination experts from the US, Europe, Far East, Australia, Middle East and Africa have also been invited to attend the event. “So this will be a huge business activity that would certainly improve the image of the country at international level,” he said.
He stated that the visiting Chinese delegation would also explore opportunities of joint ventures for encouraging economic activities between the two nations, besides inking a Memorandum of Understanding with the Pakistan Carpet Manufacturers and Exporters Association.
To enable Pakistan to tap the emerging handmade carpet market in China, the delegation has offered research and development assistance to the producers of handmade carpet in Pakistan.