LAHORE/KARACHI: The business community hop­es the Shanghai Co­­ope­r­ation Organisation (SCO) Summit, starting in the cap­ital on Tuesday, may boost the country’s economy.

“The event offers Paki­stan an opportunity to stre­n­gthen its trade and economic ties with key international partners, particularly China. The summit will also send a clear message to global investors about the country’s openness to business and investment opportunities,” said the Lahore Chamber of Com­merce & Industry (LCCI) President Mian Abuzar Shad in a statement on Monday.

Meanwhile, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh said that the next phase of the China-Pakistan Economic Corri­dor (CPEC) and the SCO summit could be the real game-changers for the nat­ional economy as we have geographical contiguities, economic complementarities, regional trade advantages and ability to look East and diversify our economic partners.

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On Monday, a high-profile China Asia Economic Development Association (CAEDA) delegation visited FPCCI headquarters to explore investment, joint ventures, and trade opportunities.

The CAEDA delegation led by Qian Qiu Zhu, who is the president of the Cross-Border Trade Deve­lopment Committee, stre­ssed that CAEDA wants to establish a Pakistan Zero-Tariff Trade Zone, a service centre in Pakistan for Chinese imports, and explore opportunities in multiple sectors of the economy.

FPCCI President Atif Ikram Sheikh said CAEDA is an organisation focused on promoting economic cooperation and de­­velopment between China and countries in Asia and other global partners.

CAEDA often works with governments, businesses and international organisations to encourage economic integration and partnerships in fina­n­­ce, technology, energy, and infrastructure sectors.

Published in Dawn, October 15th, 2024