Trade in Yuan Reaches14% FPCCI to Work to Diversify & Enhance Exports to China Atif Ikram Sheikh

Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has apprised that the apex body considers China as one of the most important countries for Pakistan vis-à-vis diversifying and expanding its exports on an incrementally sustainable basis – as China is not only a neighboring and friendly country; but, also a huge market for potential Pakistani exports. He expressed his optimism on the trend where the Pakistani trade with China in Yuan has reached 14 percent in 2023; whereas, it was a mere 2 percent in 2018.

Mr. Atif Ikram Sheikh also conveyed his heartfelt felicitations on behalf of the entire business, industry and trade community of Pakistan on the occasion of Chinese New Year and the Spring Festival. The people-to-people and business-to-business bonds between the two countries are as strong as government-to-government strategic relations between the two countries, he added.

It is pertinent to note that Mr. Aman Paracha & Mr. Asif Sakhi, VPs FPCCI, visited Chinese consulate in Karachi and relayed FPCCI’s sentiments to H. E. Mr. Yang Yundong, Chinese Consul General in Karachi, towards China, its people and business community.

Mr. Aman Paracha, VP FPCCI, apprised that the increase in the trade volumes in Chinese Yuan is a global trend; and, it is peculiarly useful in Pakistan’s case as Pakistan’s rupee has been under tremendous pressure and kept depreciating on an unprecedented rate for the past few years consecutively due to the dwindling foreign exchange reserves (FER); current account deficit (CAD) and repeated abruptions in external financing.

Mr. Asif Sakhi, VP FPCCI, maintained that trade, investments, JVs and industrial collaborations with China can greatly help Pakistan embark on a high-growth and poverty-reduction trajectory; just like the China has achieved over the past 3 decades. China is an excellent case study for Pakistan to learn from its economic transformation, he added.

Brig Iftikhar Opel, SI (M), Retd.

Secretary General