FAISALABAD: Chinese Consul General in Lahore Zhao Shiren said on Wednesday that Chinese debt was only 13 per cent of total foreign debt of Pakistan and its basic objective was to help steer the country out of the debt trap by extending necessary financial assistance.
Addressing the business community at Faisalabad Chamber of Commerce and Industry (FCCI), he said China had never pressured Pakistan for repayment of its loans while recently the Chinese government rolled over the loan of $2 billion. He said that Pakistan had got excessive foreign loans while its GDP was only $350bn. “China is helping Pakistan to overcome its financial constraints,” he added.
Responding to a question about issuing multiple visas, Zhao said a very limited number of multiple visas were being issued in addition to the single and double entry visas. He said that multiple visas were being issued by assessing the financial status and its volume of trade with China. He said that eligible exporters from the FCCI could contact him for
multiple visas, enabling him to recommend their case to the Chinese embassy. He said currently visas were being issued from Islamabad and Karachi while a proposal was under consideration to issue visas from Lahore also. He said 13 chambers of Punjab had been authorised to issue letters of support while the applicants could submit their applications through Gerry.
About payment in local currencies, he said that both governments had agreed on the issue, but the agreement was yet to be signed.
LCCI former president Mian Muhammad Idrees disclosed that he was already making payments in local currencies.
Responding to a question, Zhao said Pakistan could easily enhance its exports to Saudi Arabia, UAE and China which has opened its domestic market for the foreign products. He said Punjab could export agriculture, industrial and finished goods under Pak-China Free Trade Agreement-2. He said that very recently China allowed the import of red chili and beef from Pakistan.
He said China was also helping Pakistan by
providing the latest technology. ‘China is providing technology for the production of hybrid rice and corporate farming,’ he said and added. He pointed out that during the last few years Pakistani exports to China have recorded a reasonable increase. He said that China’s global trade is around $6 trillion and in this context Pak China trade is very nominal.
He said China was helping Pakistan in energy and infrastructure sectors while “under CPEC-2, our focus would be on agriculture, relocation of industries, joint ventures and education, etc”. He said that Gwadar port was expected to be inaugurated in June this year while many projects in KPK and AJK are also nearing completion with Chinese help. He said that the Chinese ambassador would visit Lahore and Faisalabad very soon to interact with the local business community.
Earlier Acting President FCCI Dr Sajjad Arshad welcomed the Chinese consul general and introduced Faisalabad and the FCCI. Engr. Ahmad Hassan, Muhammad Asim Rana, Engr. Babar Shahzad, Nasir
Shahzad and Dr. Najma Afzal participated in the question-answer session.
Executive Member Muhammad Azhar Chaudhary offered a vote of thanks.
Acting President Dr Sajjad Arshad presented the FCCI shield to Zhao Shiren, Chinese Consul General Lahore.
Mian Muhammad Idrees also gave away a pack of books published by the R and D section of the FCCI on CPEC.
The Chinese Consul General also presented a gift of traditional Chinese pottery to Dr. Sajjad Arshad.
Mr. Zhao also recorded his impression in the visitor’s book of the FCCI.