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PR-/94
Zilhajj 5, 1437 A.H.
September 09, 2016

MEMORANDUM OF MUTAL COOPERATION
KCCI to assist establishment of Tianjin Commercial & Development Center in Karachi Tianjin Yong Corporation to promote Chinese enterprises to invest in Karachi.

KARACHI: The Karachi Chamber of Commerce & Industry and Tianjin Yong Jin Business & Trade Corporation have signed a Memorandum of Mutual Cooperation according to which Karachi Chamber will provide assistance towards establishment of Tianjin Commercial and Development Center in Karachi and other cities by Tianjin Yong Jin Business & Trade Corporation. The Memorandum of Mutual Cooperation was inked by President KCCI Younus Muhammad Bashir and Ms. Yao Cheng, General Manager of Yong Jin Trade Co. Limited during the visit of a 9-member Chinese delegation to Karachi Chamber which was led by Mr. Chen Wei Ming, Vice President of Tianjin People’s Association for Friendship with Foreign Countries. Senior Vice President KCCI Zia Ahmed Khan, Former President KCCI AQ Khalil, Former SVP KCCI Shamim Ahmed Firpo, Former VP KCCI Nasir Mehmood and KCCI Managing Committee members also attended the meeting.

According to Memorandum of Mutual Cooperation, Tianjin Yong Business & trade Corporation China will also help Karachi Chamber establish friendly cooperation with business communities in Tianjin and other cities of China. Tianjin Yong Business & Trade Corporation China will do its best to recommend, introduce and promote enterprises or institutional organizations in Tianjin and other cities in China to invest or set up their business in Karachi.  Speaking on the occasion, leader of the delegation, Mr. Chen Weiming, while briefing the meeting participants about the purpose of their visit to Karachi Chamber, stated that the business community of Tianjin city wants to enhance cooperation with the business and industrial community of Karachi which encouraged them to meet businessmen and industrialists of Karachi Chamber. He was of the view that as compared to the past few years, the overall situation in Karachi has substantially improved which prompted them to explore opportunities of enhancing cooperation in different sectors of the economy. “Bilateral cooperation and exchanges of information and delegations have to be encouraged between the two countries”, he opined. He informed that the city of Tianjin was just 120 kilometers away from Beijing and it was the third largest city and an economic center of China with one of the largest coastal belt in north China. Tianjin’s was ranked 4th in the world in terms of cargo handling, he said. “A huge number of 300,000 companies are successfully doing business in Tianjin alone, of which around 25,000 big international companies are operating in this city. Hence, Tianjin is regarded as the manufacturing center for the whole China”, he added.

Earlier, President KCCI Younus Muhammad Bashir, while welcoming the delegates, informed that Karachi, being the economic hub of Pakistan, offers profitable investment opportunities and added facilities for investment and joint ventures to Chinese investors. The city was an attractive place for Chinese businessmen and investors, who can surely earn maximum profits by setting up their businesses or undertaking joint ventures here. He said that with improved law and order situation and upon completion of China-Pakistan Economic Corridor (CPEC) and Gwadar Port, this region was likely to attract substantial amount of foreign investment and the Chinese business community can also benefit from the situation by investing or undertaking joint ventures in Pakistan, particularly Karachi. Commenting on Pakistan-China trade and economic relations, President KCCI noted that Pakistan's exports to China stood at $1.903 billion during 2015-16 whereas its imports were recorded at $8.127 billion, indicating an overall trade volume of more than $10.03 billion which must be enhanced and it can be done through collective efforts.

He also expressed satisfaction over Pakistan-China cooperation in the operational development of Gwadar Port, which would help in generating more economic activity in Pakistan and would provide an important access route to the sea for China’s western regions, Afghanistan and Central Asian states. Younus Bashir further stressed the need to promote trade, commerce and economic cooperation between the two countries, advocate steps to foster and organize trade and investment delegations, trade fairs, exhibitions, seminars and meetings etc. Efforts must also be made to enhance linkages between the Karachi Chamber of Commerce and Industry and Tianjin Peoples Association for Friendship, China in order to pave way for improved trade relations between the two countries, he added and hoped that the visit of Chinese delegation to KCCI would prove to be very favorable for both the neighboring countries.