Islamabad Chamber of Commerce and Industry has welcomed Pak-China agreement to enhance bilateral trade to $20 billion and sign MoUs of cooperation in different fields, especially in energy and infrastructure development during the recent visit of Chinese President Xi Jinping to Pakistan.

Muzzamil Hussain Sabri, President ICCI in a press statement, said that the visit of Chinese President Xi Jinping will open up many new avenues of economic development in Pakistan as both countries have signed 51 MoU to enhance cooperation in various fields.  He said despite possessing immense potential to increase trade and economic relations, Pak-China bilateral trade remained below desired level.

However, he hoped that the understanding reached between the two countries during Xi Jinping recent visit would take Pak-China trade relations to new heights.  

He said business and industry as well as the overall economy of Pakistan badly suffered due to energy shortage. However, added that under the flagship China-Pakistan Economic Corridor (CPEC) of worth $46 billion, two nations have agreed to generate 16,400MW of electricity in Pakistan through hydro, wind, solar and coal sources and develop a network of roads, rails and communication infrastructure which offered great economic prospects for Pakistan as these projects would significantly help our country in overcoming energy crisis and promoting industrialization, trade and exports.

Muzzamil Hussain Sabri said the CPEC would also benefit all provinces and areas of Pakistan and could transform our country into a regional hub for business and investment.  He said this project would also be beneficial for China as it will enable China to create a shorter and cheaper route for trade and investment in South, Central and West Asia, the Middle East and Africa.

 Thus it was a project of win-win results for both countries. He stressed upon the leadership of both sides to take concrete measures for implementation of projects agreed under the CPEC framework as early as possible because only materialization of these projects would create economic dividends for both nations and promote peace and prosperity in the region as well.