China urged for investment in South Asian Countries
According to a message received here on Saturday, this was stated by Mr. Tariq Sayeed, President SAARC Chamber of Commerce and Industry (SAARC CCI) as a keynote speaker at the 4th China-South Asia Business Forum entitled “Facing Global Financial Crisis: Economic and Trade Cooperation between China and South Asian Countries” at Kunming, China.
President SAARC CCI urged for enhanced economic cooperation between China and South as a mechanism to face challenges posed by global financial meltdown and said that the Global financial crisis has broken the inertia of sustainable and double digit economic growth of China and many developing countries, which were heavily dependant on USA and EU countries and while suggesting for evolving common strategy in this respect.
Mr. Sayeed said that on account of its ability to produce quality goods at highly competitive price, China enjoyed huge trade surplus with 134 countries out of 225 countries including independent territories, constituencies, islands etc.
as the result of that medium sized economies and countries like South, facing huge trade deficit, perceive China as threat to their economies and requested the Government and Private Sector of China to change this perception through a sizeable FDI into such countries, which are facing huge trade-deficit with her including Pakistan.
He said that since 2000, bilateral trade between China and South Asia has witnessed a steady growth of more than 20% per annum and expected trade volume to exceed $ 60 billion mark by the end of 2009. Referring to a study, he said “China’s trade with India will reach $60 billion, Pakistan $10 billion, Bangladesh $5 billion, Sri Lanka $4 billion, Nepal $800 million and Maldives $200 million in 2010” however, added that the pace of China-South Asia trade is relatively slow as compared with China’s trade with ASEAN, which is likely to reach at $ 275 billion by 2010.
Appreciating the Economic Policies of China he said that since adoption of open policies by China in 1982, the country had made tremendous growth. It has been successful in attracting FDI of worth $ 800 billion since then including $ 82 billion in alone 2008, which has been instrumental to designate China as the 2nd largest export with worth of $ 1.2 trillion and reducing poverty from 50% to 16%, which is phenomenal. “Developing countries need to follow Chinese Economic Model, if they want to attain sustainable growth,” added President SAARC CCI. He said that the incumbent Government in Pakistan has embarked upon a very liberal and friendly policy towards South Asia, which will help effective implementation of SAFTA and provide China enormous opportunities in the neighbouring region.
President SAARC CCI gave certain recommendations to further improve economic cooperation of China and South Asia, which included Chinese FDI in South Asian countries, transfer of technology, close relationship between business community particularly youth, frequent exchange of delegations at socio-cultural and economic level, promotion of tourism, removal of Non-Tariff Barriers, technical assistance to increase base of production in Agricultural and manufacturing sectors.
The 4th China-South Asia Business Forum was inaugurated by Qin Guangrong, Governor the Peoples’ Government of Yunnan followed by addresses by Wan Jifei, Chairman China Council for promotion of International Trade ( CCIPT), Mr. Ma Mingqiang, representative, Ministry of Foreign Affairs of People’s Republic of China, Han Meiqing, Deputy Director General, International Relations Department, CCIPT and professor L.G. Pieris, Minister for Commerce and Trade Development, Sri Lanka who endorsed the view of President SAARC CCI.
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