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SIALKOT: Trade Representative of Russian Embassy in Islamabad, Yuri M Kolzov stressed the need for promoting strong mutual trade relations between Pakistan and Russia.

He stated this while addressing a meeting held here at the Sialkot Chamber of Commerce and Industry (SCCI) on Thursday.

SCCI Vice President, Abid Ahmed Khawaja presided over the meeting.

 

The Russian envoy discussed in detail the matters of mutual interest with SCCI members.

He also gave a detailed briefing about the growing trade opportunities in Russia and scope of joint ventures in different trade sectors between Russia and Pakistan.

Yuri M Kolzov stressed the need of enhancing the private sector interaction and mutual collaboration to promote trade between the two countries.

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Business


KARACHI: 

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.39% on a weekly basis, according to data released by the central bank on Thursday.

On December 22, foreign currency reserves held by the central bank were recorded at $14,133.3 million, down $198.9 million or 1.39% compared to $14,332.2 million in the previous week

The decrease in reserves was attributed to external debt and other official payments.

Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,189 million. Net reserves held by banks amounted to $6,055.7 million.

 

Pakistan recently raised $2.5 billion by floating dollar-denominated sovereign bonds in the international market in a bid to shore up official reserves.

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Business
China and Pakistan will look at extending their $57 billion China-Pakistan Economic Corridor to Afghanistan, Chinese Foreign Minister Wang Yi said on Tuesday, part of China”s ambitious Belt and Road plan linking China with Asia, Europe and beyond. China has tried to position itself as a helpful party to promote talks between Pakistan and Afghanistan, both uneasy neighbours ever since Pakistan”s independence in 1947.

Their ties have been poisoned in recent years by Afghan accusations that Pakistan is supporting Taliban insurgents fighting the US-backed Kabul in order to limit the influence of its old rival, India, in Afghanistan. Pakistan denies that and says it wants to see a peaceful, stable Afghanistan.

Speaking after the first trilateral meeting between the foreign ministers of China, Pakistan and Afghanistan, Wang said China hoped the economic corridor could benefit the whole region and act as an impetus for development. Afghanistan has urgent need to develop and improve people”s lives and hopes it can join inter-connectivity initiatives, Wang told reporters, as he announced that Pakistan and Afghanistan had agreed to mend their strained relations.

“So China and Pakistan are willing to look at with Afghanistan, on the basis of win-win, mutually beneficial principles, using an appropriate means to extend the China-Pakistan Economic Corridor to Afghanistan,” he added. How that could happen needs the three countries to reach a gradual consensus, tackling easier, smaller projects first, Wang said, without giving details.

Pakistani Foreign Minister Khawaja Asif said his country and China were “iron brothers”, but did not directly mention the prospect of Afghanistan joining the corridor. “The successful implementation of CPEC (China-Pakistan Economic Corridor) projects will serve as a model for enhancing connectivity and cooperation through similar projects with neighbouring countries, including Afghanistan, Iran and with central and west Asia,” he said.

China has sought to bring Kabul and Islamabad together partly due to Chinese fears about the spread of Islamist militancy from Pakistan and Afghanistan to the unrest-prone far western Chinese region of Xinjiang. As such, China has pushed for Pakistan and Afghanistan to improve their own ties so they can better tackle the violence in their respective countries, and has also tried to broker peace talks with Afghan Taliban militants, to limited effect.

A tentative talks process collapsed in 2015. Wang said China fully supported peace talks between the Afghan government and Taliban and would continue to provide “necessary facilitation”. The Belt and Road infrastructure drive aims to build a modern-day “Silk Road” connecting China to economies in Southeast and Central Asia by land and the Middle East and Europe by sea.
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Business

LAHORE – 
Pakistani businessmen can explore a lot of business opportunities in Chengdu (capital of Sichuan Province, China).

This was stated by Mudassir Tipu, Consul General of Pakistan in Chengdu, during a meeting with S M Naveed, President, Pak-China Joint Chamber of Commerce and Industry (PCJCCI), at Chamber premises. The meeting was also attended by a number of Executive Committee members of PCJCCI.

Mudassir informed the attendees regarding the industrial importance of Chengdu. He apprised that majority of 500 fortune innovative companies are located in Chengdu which clearly depicts the economic importance of Chengdu City. He told that one of the fastest Cargo Railway tracks has recently been built in China that starts from Chengdu and extends to Europe making it the shortest possible and cost-effective route for Cargo transportation. He said that same route can be used for Pakistan cargo bound for Europe through Xinjiang province. He also asserted the concerned authorities to initiate a direct flight from Lahore to Chengdu because flight duration is only 4 hrs and can prove instrumental in promoting bilateral trade being cost-effective and speedy.

Mudassir extended an invitation to all members of PCJCCI to visit Chengdu for equipping themselves with updated knowledge from the technology parks in Chengdu that has highly modernized and digitalized infrastructure.

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