Commerce Minister Advocates Barter Trade To Increase Exports

Federal Minister for Commerce Syed Naveed Qamar here on Thursday appreciated barter trade model, which he said could be utilized for enhancing the exports from the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 16th Mar, 2023 ) :Federal Minister for Commerce Syed Naveed Qamar here on Thursday appreciated barter trade model, which he said could be utilized for enhancing the exports from the country.

During a meeting with a Chines business delegation led by Hou Jianxin, Chairman Shandong Xinxu Group Corporation China, the minister said framework on barter trade model had been approved by the Federal Cabinet.

According to press statement issued by the commerce ministry, the minister said, China was playing a significant role in the economic development of Pakistan however added the barter trade model would inject new energy to the bilateral trade.

He also assured full support of Pakistani government to the Chinese Companies to enhance export volume of the country.

On the occasion, Hou Jianxin, said that while taking the benefit of the decision of Shandong government, a Chinese province, to shift Chines industry to the Pakistan, he came up with the vision to build industrial park in Pakistan.

The Industrial Park would serve as a focal point for all the industrial requirement of Pakistan from China and vice versa, he continued.

The Chairman said, the projects like solar panels assembly plant, metal refining plants, fertilizer production plant, food processing plants (dry milk production, seafood processing, meat processing) etc. were being considered for future investment.

He said Pakistan and China enjoyed strong relations and expressed the hope that the trade and economic ties between the two countries would be further cemented with the passage of time.

Qamar appreciated the decision of the Shandong government to shift its industry to the Pakistan, which would not only save foreign reserves but also create job opportunities in the country.

However the minister sought comprehensive proposals from the Chinese companies who were interested in shifting their businesses to Pakistan, which would be forwarded to the board of Investment (BOI) for expediting the investment process.