Federal Minister for Commerce Syed Naveed Qamar Thursday appreciated the barter trade model and said that it could be used to enhance exports.
The commerce minister said that the framework of the barter trade model has been approved by the federal cabinet. The minister made these remarks during a meeting with a Chinese business delegation led by Hou Jianxin, Chairman Shandong Xinxu Group Corporation China, held in Islamabad.
He said that China is playing a significant role in the economic development of Pakistan however the barter trade model will inject new energy into bilateral trade. He assured the full support of the Pakistani government to the Chinese Companies to enhance the export volume of the country.
Jianxin said that while taking benefit of the decision of the Shandong government, a Chinese province to shift the Chinese industry to Pakistan, he came up with the vision to build an industrial park in Pakistan. The industrial park will serve as a focal point for all the industrial requirements of Pakistan from China and vice versa, he added.
The chairman said the projects like solar panels assembly plants, metal refining plants, fertilizer production plants, food processing plants (dry milk production, seafood processing, meat processing), etc. are being considered for future investment.
He said Pakistan and China enjoy strong relations and expressed the hope that the trade and economic ties between the two countries would be further cemented with the passage of time.
The minister appreciated the decision of the Shandong government to shift its industry to Pakistan, which would not only save foreign reserves of the country but also create job opportunities in the country.
The minister sought comprehensive proposals from the Chinese companies who are interested in shifting their businesses to Pakistan, which would be forwarded to the Board of Investment (BOI) for expediting the investment process.