KARACHI: The China-Pakistan Economic Corridor (CPEC) is an extension of the historic Silk Route and aims to cater to the needs of the region through effective trade linkages.

This was stated by Mr Yao Ming, the leader of a 14-member high-powered Chinese delegation, during his visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday.

Mr Ming, deputy mayor of Linyi Trade City of Shandong province China, on Wednesday signed a joint venture agreement with China Overseas Ports Holding Company Pakistan (Pvt) Ltd for the development of a free industrial zone in Gwadar on the lines of Linyi.

Talking to Dawn after the conclusion of a meeting with Pakistani business leaders, Mr Ming stressed upon the need for developing relations between the business communities of both countries.

He also shared details of production potential of his city and the value of developing a free industrial zone at Gwadar. “Linyi city is a hub for manufacturing agriculture and mineral, ceramic and wooden products and construction machinery. It is also known as the ‘capital of logistics’ and has market places with lots of tourism potential,” he added.

“The key objective of the visit is to introduce businessmen of the two sides to each other.

In Linyi Trade City, the cost of logistics is 20 per cent cheaper than China’s average,” he added.

TDAP Chief Exceutive S.M. Muneer and FPCCI Vice Presi­dent Waseem Vohra also spoke. Later, B2B meetings were held between the businessmen of both countries.

Published in Dawn, November 13th, 2015

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