ISLAMABAD: A delegation of Chinese entrepreneurs has expressed its interest in entering into joint ventures and investing in Pakistan across a variety of sectors.

Led by Adven Zhu, the managing director at Suzhou China Aviation Technology Equipment, the delegation visited the Islamabad Chamber of Commerce and Industry, a press release issued here over the weekend said.

Speaking at the occasion, Adven said that this was his first visit to Pakistan. “We found the country a potential market for business and investment - it has a big consumer market and strategic geographic location,” he was quoted as saying in the release.

He said that the Chinese delegation members have expertise and technology to build high rise buildings and were interested to make contributions in Pakistan. He said that the private sectors of both countries should develop close cooperation to exploit all untapped areas of mutual collaboration.

ICCI President Amir Waheed said that the China-Pakistan Economic Corridor (CPEC) has opened new avenues for long-term cooperation and stressed that private sectors of both countries should enhance interactions.

He said that many sectors of Pakistan’s economy including infrastructure development, high rise buildings, aviation, furniture, hardware, tourism and others were open for foreign investors.

He said Chinese investors should bring technology and machinery to Pakistan to set up manufacturing plants.

Chinese investors

He said by investing in Pakistan, Chinese investors would be in a better position to enhance exports to South and Central Asia, Middle East, Europe and many other potential markets.

Muhammad Naveed, senior vice president, and Nisar Mirza, vice president of the ICCI, also spoke at the occasion and hoped that the visit of Chinese business delegation would lead to the materialisation of good business deals.

Meanwhile the foreign exchange reserves held by the State Bank of Pakistan have edged up 0.05 per cent on a weekly basis, according to latest data released by the central bank.

On Nov. 24, foreign currency reserves held by the central bank were recorded at $13,547.3 million, up $6.2 million or 0.05 per cent compared to $13,541.1 million in the previous week, according to the central bank.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,693.2 million. Net reserves held by banks amounted to $6,145.9 million.

A few months ago, foreign currency reserves surged due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

Earlier, the SBP received $350 million under the Coalition Support Fund and made payments of $62 million for external debt servicing.

In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

Banking on the positive impact of $2.5 billion that Pakistan has raised through fresh bonds, currency dealers expect the pressure on rupee to subside in the open currency market. The rupee came under mounting pressure in the open market this week in the wake of violence before the end of a three-week-long blockade of Islamabad that saw political tensions rise in the country.

“Pressure on the rupee was fast building up mainly due to the growing political tensions, but it will diminish significantly in coming weeks,” Forex Association of Pakistan President Malik Bostan said.

The situation deteriorated on Wednesday when some people were not able to buy dollars even at the exchange rate of Rs109 or Rs110 in the open market, a currency dealer in Karachi said.

Internews