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Pakistan expects deeper services trade, industrial cooperation with China: ambassador

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      Pakistan expects deeper services trade, industrial cooperation with China: ambassador

      2024-09-16 17:31 Last Updated At:19:57

      Pakistani Ambassador to China Khalil Hashmi said on Sunday that Pakistan hopes to expand services trade and industrial cooperation with China.

      Hashmi attended the five-day 2024 China International Fair for Trade in Services (CIFTIS), which is concluding on Monday in Beijing, where he witnessed the signing of two memorandums of understanding (MoUs) on cooperation between Chinese and Pakistani enterprises.

      Speaking in an interview with the Chinese Global Television Network (CGTN) on the sidelines of the fair, the diplomat called the Pakistani delegation's participation in this year's CIFTIS very productive.

      "We're very productive and rewarding because we hosted an investment conference today where over 150 participants came both from Pakistan, but also more and more enterprises [and] their representatives' associations from China. Two MoUs were also signed. One MoU the value I know, this was over 350 million dollars, just one sector in the food. So, that's why I say it's very productive," he said.

      When asked on the outlook of future trade ties between the two countries in the services sector, Hashmi said he sees potential in many areas where both sides can deepen cooperation.

      "[For] a number of areas, in fact, to start with, the obvious one is technology. When I say technology, it is IT, IT services, but also the new technologies, where EV, the ionize batteries, solar panels, beyond that, and some of the new technologies, semiconductors, AI -- that's one piece of the technologies. But also, other services, financial services, fintech for example, also logistics. In each of these areas, we are engaged one way or the other, but I think there is a great scope. Both of our two countries, the ministries, the enterprises, and the embassies, the consulates, they are all very much engaged," he said.

      Hashmi also holds out high hopes for the China-Pakistan economic corridor (CPEC), a 3,000-kilometer network of roads, railways and pipelines to transport oil and gas from southern Pakistan's Gwadar Port to Kashgar city, northwestern China's Xinjiang Uygur Autonomous region.

      A flagship project of China's Belt and Road Initiative, the CPEC intends to revive the ancient Silk Road with a focus on infrastructure and constitutes the strategic framework of China-Pakistan cooperation.

      The ambassador expressed the hope that the two countries can expand industrial cooperation as the construction of the project moves to its second phase.

      "CPEC Phase I was primarily about infrastructure and energy. So, it was a great help to Pakistan. We were able to add over 8,000 megawatts of electricity to our grid. We built over 800 kilometers of world-class highways, transmission lines, and so on and so forth, [with] over 26 billion dollars investment. So, with these investments, we have strengthened the economic foundation for greater growth in Pakistan. In the second phase, we are focused also not only on G to G, which is government to government, but increasingly business to business. So, the main direction is to move towards industrial cooperation, industrialization, joint ventures. So, there will be also a lot of focus on the services sector, as I said IT, but also fintech, also logistics. A lot of progress has been made in Phase I, but I think there are even greater opportunities to be leveraged in Phase II," he said.

      The 2024 CIFTIS, under the theme of "Global Services, Shared Prosperity",brought together participants from a total of 85 countries and international organizations, and over 450 Fortune Global 500 companies and leading companies of various industries.

      Pakistan expects deeper services trade, industrial cooperation with China: ambassador

      Pakistan expects deeper services trade, industrial cooperation with China: ambassador

      An official with the World Economic Forum (WEF) has stressed the importance of establishing an adaptable mechanism for dialogue and cooperation that allows the global economy to fully benefit from the development potential of new technologies while managing the associated risks.

      Mirek Dusek, one of WEF's managing directors, was speaking on the sidelines of the 2025 WEF Annual Meeting, which commenced in Davos, Switzerland on Monday.

      The five-day event has gathered around 3,000 participants from various regions and industries around the world under the theme "Collaboration for the Intelligent Age," highlighting the need for greater collaboration against a backdrop of rapid technological advancements and global divisions.

      In an interview with the China Global Television Network (CGTN) on Tuesday, Dusek said WEF is monitoring "two big forces" they believe are changing the world economy.

      "On one hand, we are living through quite a unique time in terms of technological advancement and innovation. But on the other hand, of course, we are also tracking forces of fragmentation. We are seeing a more competitive geopolitical landscape, shifting value chains and supply chains, and of course, also social polarization in certain societies around the world," he said.

      With the current uncertainties in the world, Dusek stressed the importance of building a suitable platform for dialogue, and ensuring that such a mechanisms is adaptable to respond to the various challenges.

      "Given the trends that we are seeing in the global economy, in international relations, that function of bridging and dialogue could not be more important. It's very important that we have mechanisms where we can have dialogue and cooperation, and of course,  we also need to be on the front foot of thinking, 'Okay, how do we make sure that the collaborative mechanisms are fit for the 21st century?'" he said, adding that this will be one of the focuses of the current Davos meeting.

       Dusek also emphasized China's vital role in promoting global economic growth and technological development, describing the country as a "key actor" in helping the world transition to a new era of tech-driven development.

      "Everyone understands that we need to be on our front foot, really thinking creatively around how do we relaunch growth that is inclusive, sustainable. But how do we relaunch growth in this new situation for the world economy? And China plays a very important role in that endeavor, on development, on trade, of course, as well. On technology, I mentioned the theme, 'The Intelligent Age'. What we are trying to communicate with that is that there is a huge opportunity around some of these technologies. What is quite special is that it's not only one technology, but we are seeing, at this moment, whole sets of technologies that are going to market and exponentially changing industry and economy. If we have this huge opportunity around these technologies, how do we design [not only] our dialogue mechanisms, but also our collaborative mechanisms to be able to harness these technologies for the benefit of the world economy while taking care of the risks," he said.

      WEF official calls for mechanisms to foster dialogue in new tech era, boost world economy

      WEF official calls for mechanisms to foster dialogue in new tech era, boost world economy

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