Karachi: The President of the United Business Group, Zubair Tufail, has highlighted the strengthening economic ties between Pakistan and China as a key component of the bilateral relationship, particularly under the auspices of the China-Pakistan Economic Corridor (CPEC). In remarks commemorating the 105th anniversary of the Communist Party of China, Tufail noted that China has emerged as Pakistan's largest trading partner and investor, with CPEC being a crucial factor in this evolving partnership.

According to United Business Group Central Spokesperson Gulzar Feroz, Tufail stated that bilateral trade has reached approximately $24 billion, making China the largest source of imports for Pakistan. He emphasized the potential for growth in Pakistan's exports to China, which currently stand at around $3.5 billion, contingent on advancements in technology and market access for Pakistani exporters.

Tufail highlighted the significant impact of CPEC investments, exceeding $25 billion, which have spurred developments in energy, infrastructure, and industrial sectors, while creating employment for thousands of Pakistanis. The UBG President called for an acceleration of the second phase of CPEC, focusing on industrial and technological cooperation, with Gwadar Port envisioned as a pivotal regional trade hub.

In his address, Tufail underscored the investment opportunities available to Chinese investors in Pakistan across various sectors, advocating for enhanced private-sector collaboration to bolster exports. He expressed confidence in the enduring friendship between the two nations, urging the Pakistani government to implement investor-friendly policies to leverage this relationship further.

Tufail also acknowledged the contributions of Feng Deheng, Acting Consul General of China in Karachi, in fostering trade and economic cooperation. He commended the Consulate's role in promoting bilateral trade and cultural exchanges, reinforcing the strategic partnership between Pakistan and China.