Daily Times

The Pakistan Pavilion at the prestigious China International Fair for Trade in Services (CIFTIS) 2024 was inaugurated on Friday by Ambassador Khalil Hashmi, accompanied by Zhang Yanqing, Deputy Secretary-General of the People’s Government of Pingdingshan City.

CIFTIS, recognized as one of the world’s largest platforms for trade in services, presents a unique opportunity for countries to showcase their strengths in the services sector and engage in global trade relations. This year’s Pakistan Pavilion sets itself apart by adopting a public-private partnership model in its setup and operations. The aim is not only to inform visitors of the vast investment opportunities in Pakistan but also to offer a practical understanding of how businesses can establish and grow within the country. The pavilion features industrial park operators and development authorities, offering attendees direct access to valuable expertise on infrastructure and investment-ready environment in Pakistan.

Welcoming the attendees, Ambassador Khalil Hashmi highlighted 13 priority sectors for investment in Pakistan, ranging from manufacturing and technology to energy, agriculture, and infrastructure development. He acknowledged the valuable contributions of Pakistani organizations participating in CIFTIS, including the Export Processing Zone Authority (EPZA), Green Pakistan Initiative, Dhabeji Economic Zone, Allama Iqbal SEZ, National Bank of Pakistan, and others, which are pivotal in fostering B2B relationships between Pakistan and China. The Ambassador stated that as part of Pakistan’s efforts to further economic engagement with China, the Embassy will also host the Pakistan Investment Conference: Together for a Shared Future during CIFTIS. The conference, alongside panel discussions, interactive sessions, and B2B meetings, is expected to serve as a powerful platform for Pakistani and Chinese businesses to explore new avenues of cooperation and develop meaningful partnerships.

Meanwhile Ambassador Khalil Hashmi represented Pakistan at the 9th Belt and Road Summit in Hong Kong under the theme “Building a Connected, Innovative, and Green Belt and Road.” The summit gathered international leaders, business representatives, and industry experts to discuss the Belt and Road Initiative’s (BRI) future, emphasizing the importance of global partnerships and sustainable development in leveraging Hong Kong’s unique strengths.

The Ambassador of Pakistan expressed how China-Pakistan Economic Corridor (CPEC) had transformed Pakistan’s economic landscape over the past decade. He explained that the project had created significant employment opportunities and added 8,000 MW to the national power grid, while developing 800 km of road networks and transmission lines. He further stated that CPEC’s next phase would evolve into a multidimensional corridor focused on growth, innovation, and inclusiveness, aligned with Pakistan’s “5Es” strategy, which centers on exports, digital transformation, climate change, energy, and equity.

The Ambassador highlighted Pakistan’s burgeoning IT sector, noting its rapid expansion supported by a growing internet user base and cellular connections. He remarked that Pakistan’s fintech sector, though nascent, presented substantial opportunities for Hong Kong-based firms to introduce digital banking platforms and blockchain solutions. He emphasized that while the demand for innovative financial solutions is rising, fintech startups in Pakistan require venture capital investments, which Hong Kong is well-positioned to provide.

The Ambassador also stressed Pakistan’s commitment to sourcing 30% of its energy from renewables by 2030. He pointed out the untapped potential in hydropower, solar, and wind, inviting Hong Kong’s financial institutions to collaborate in green energy projects. He also mentioned the Special Economic Zones (SEZs) under CPEC as attractive locations for Hong Kong enterprises to explore early-bird investment opportunities, particularly in manufacturing and logistics. During his stay in Hong Kong, the Ambassador also interacted with Hong Kong leadership and media.