KARACHI: Pakistan’s commerce minister is scheduled to leave for China on a three-day visit today, Sunday, with a high-profile business delegation to enhance the country’s exports and improve its revenues.
Pakistan has faced tough financial challenges in recent years and wants to strengthen its economy by seeking foreign investment and exploring various trade destinations.
Last year, the country’s export revenue stood at $39.42 billion, marking a 24.94 percent increase from 2021. Pakistan plans to increase this figure to $50 billion in five years while seeking achieve a $100 billion export target in the long term.
According to an official statement released on Saturday, the visit of the interim commerce minister, Dr. Gohar Ejaz, will be a follow-up to Prime Minister Anwaar-ul-Haq Kakar’s travel to China in October this year.
“Pakistan has a huge volume of trade with China,” the minister said in a brief video message ahead of his visit. “Pakistan imports about $20 billion worth of goods from China, while only $2 billion worth of goods go to China.”
He said this trade balance needed to be fixed.
Dr. Ejaz also noted that China was an ideal destination for Pakistani exports, adding that enhanced trade with it could help the country overcome some major economic challenges.
“All the sufferings of Pakistan at present, including its current account deficit, can be addressed by trading with only one country,” he added.
The Pakistani delegation will hold several business-to-business meetings on the sidelines to explore trade and investment opportunities.
The delegation will explore agricultural, electronic vehicles, marble, cement, fertilizer, fruit and vegetables, home appliances, glass, and chemicals and textiles sectors during the visit.
Its members will also explore a major technology hub near Beijing which is also known as China’s Silicon Valley.