Pak­istan, China to launch new five-year devel­op­ment plan

The Pak Banker - - 2national -

IS­LAM­ABAD: Pak­istan and China here on Thurs­day agreed to launch New Five Year Devel­op­ment Plan (FYDP) be­sides ap­prov­ing the pro­pos­als for 36 projects worth $ 13285 mil­lion in var­i­ous fields of econ­omy to fur­ther boost bi­lat­eral eco­nomic co­op­er­a­tion be­tween the two friendly coun­tries.

The Pak-China Joint Com­mit­tee on Eco­nomic, Trade Sci­en­tific and Tech­ni­cal Co­op­er­a­tion (JEC) held its 14th ses­sion here un­der the cochairs of Fi­nance Min­is­ter Dr. Hafiz Shaikh and vis­it­ing China In­ter­na­tional Trade Rep­re­sen­ta­tive, Min­istry of Com­merce, Gao Hucheng.

The pro­pos­als of the projects the JEC agreed upon are re­lated to devel­op­ment of in­dus­try, wa­ter and en­ergy, agri­cul­ture, fish­eries and com­mu­ni­ca­tion. The JEC also agreed to boost ex­ports from Pak­istan to China by pro­vid­ing tar­iff re­lax­ation through Free Trade Agree­ment, Dr. Hafiz Shaikh and Gao Hucheng said while ad­dress­ing a joint press con­fer­ence here af­ter JEC ses­sion.

Dr. Hafiz Shaikh said that China would also send pur­chas­ing mis­sions to Pak­istan to book or­ders for ex­ports and fa­cil­i­tate Pak­istani ex­porters to visit China and par­tic­i­pate in trade fairs to ex­plore mar­kets for their prod­ucts be­sides build­ing ca­pac­ity of the ex­porters.

In ad­di­tion, the JEC agreed to en­hance Chi­nese in­vest­ment in var­i­ous sec­tors of coun­try's econ­omy in­clud­ing agri­cul­ture, elec­tric­ity fi­nance, min­ing and in­fra­struc­ture, he added.

Hafiz Shaik said that the bi­lat­eral trade be­tween the two coun­tries was $6.2 bil­lion that has been wit­ness­ing 30 per­cent in­crease on yearly ba­sis adding that the JEC agreed to help boost bal­anced trade be­tween the two coun­tries.

Hafiz Shaikh ap­pre­ci­ated the im­me­di­ate re­sponse of the Chi­nese govern­ment in pro­vi­sion of re­lief goods for the flood vic­tims and the an­nounce­ment of $250 mil­lion grant for the re­con­struc­tion of in­fra­struc­ture de­stroyed by the floods.

He said that the concerned au­thor­i­ties of the both the coun­tries would meet soon to fix pri­or­i­ties for spend­ing this post-flood as­sis­tance for the devel­op­ment of flood-hit ar­eas.

Speak­ing on the oc­ca­sion, Gao Hucheng said that Pak­istan and China were en­joy­ing all weather friend­ship and the in­creas­ing eco­nomic and trade re­la­tions be­tween the two coun­tries were the proof of this warmed friend­ship.

He said China was the first coun­try that reached to the vic­tims of flood be­sides an­nounc­ing $250 mil­lion sup­port for de­vel­op­ing the in­fra­struc­ture de­stroyed by the floods that wrecked havoc in the coun­try.

Gao ap­pre­ci­ated the on­go­ing eco­nomic and trade co­op­er­a­tion be­tween Pak­istan and China and noted that sig­nif­i­cant progress has been made in the fields of econ­omy and trade co­op­er­a­tion since hold­ing of 13th JEC in April 2007.

Gao said that al­though trade be­tween the two coun­tries was in Chi­nese favour how­ever, ef­forts would be made to en­cour­age bal­anced trade by en­hanc­ing Pak­istani ex­ports to China. -App

IS­LAM­ABAD: Fed­eral Min­is­ter for Labour and Man­power Syed Khur­shid Ah­mad Shah ad­dress­ing a con­fer­ence on Mov­ing from Dis­as­ters to Devel­op­ment. -App

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