Author: Prof. Engr. Zamir Ahmed Awan, Founding Chair GSRRA, Sinologist, Diplomat, Editor, Analyst, Consultant, Advisor, and Non-Resident Fellow of CCG. (E-mail: awanzamir@yahoo.com).

The China International Fair for Trade in Services (CIFTIS) is one of the world’s largest and most significant trade fairs, focused specifically on the trade of services. In its 2024 edition, CIFTIS continues to emphasize the growing importance of the global services industry, which has become a vital driver of economic growth. With services now accounting for over 65% of global GDP and an increasing share of international trade, the fair provides an essential platform for showcasing innovations, facilitating cross-border collaboration, and promoting global economic recovery.

CIFTIS 2024 features a diverse range of sectors, including information technology, financial services, cultural and tourism services, education, healthcare, logistics, and professional services. By bringing together participants from more than 120 countries, including businesses, government representatives, and industry experts, the fair offers a dynamic environment for networking, knowledge exchange, and fostering partnerships. Additionally, it serves as a platform for the discussion of emerging trends, such as the digital economy, green development, and sustainable trade practices.

One of the key strengths of CIFTIS is its focus on innovation and digital transformation in the services sector. In an era where digital services are increasingly central to global commerce, CIFTIS provides a platform to explore cutting-edge technologies and solutions, enabling businesses to remain competitive in the fast-evolving global marketplace. From artificial intelligence to blockchain, the fair highlights how technological advancements are reshaping the future of services trade.

CIFTIS also plays a crucial role in facilitating international cooperation by encouraging the participation of enterprises from various countries and promoting multilateral dialogues. It opens new avenues for investment and trade partnerships, particularly in emerging markets, which are increasingly playing a significant role in global trade in services.

China-Pakistan Cooperation in Trade and Services

China and Pakistan enjoy a robust and strategic partnership, which has expanded significantly in recent years, particularly under the framework of the China-Pakistan Economic Corridor (CPEC). This collaboration extends beyond infrastructure and investment in physical goods, with growing cooperation in the services sector as well.

As of 2023, trade between China and Pakistan reached nearly $28 billion, and services trade is becoming an increasingly important component of this economic relationship. Sectors like information technology, education, healthcare, and financial services are areas where both nations see great potential for growth. Pakistan’s IT sector, in particular, has garnered attention for its skilled workforce and competitive pricing, making it a key area for future collaboration in services trade with China.

Optimistic Outlook

The future of China-Pakistan collaboration in trade and services is bright. The expansion of trade in services between the two nations is expected to complement their strong trade in goods, offering new avenues for economic growth, job creation, and technological advancement. The ongoing initiatives under CPEC, coupled with platforms like CIFTIS, will continue to provide momentum for this growth. By fostering deeper collaboration in trade in services, China and Pakistan are not only enhancing their bilateral relationship but also contributing to regional stability and prosperity.

As the world increasingly shifts towards a services-based economy, CIFTIS 2024 stands as a testament to the importance of trade in services and its potential to drive global economic recovery. For China and Pakistan, this offers a unique opportunity to deepen their economic ties, explore new frontiers in services trade, and ensure a prosperous future for both nations.

Pakistan Investment Conference: Together for a Shared Future

Pakistan Embassy in China Organizes “Pakistan Investment Conference: Together for a Shared Future” at the China International Fair for Trade in Services (CIFTIS)

The Embassy of Pakistan in Beijing hosted the “Pakistan Investment Conference – Together for a Shared Future” today, on the sidelines of the prestigious China International Fair for Trade in Services (CIFTIS). The conference was aimed at attracting foreign investment in Pakistan across multiple sectors. The event brought together key figures from both the Pakistani and Chinese business communities, highlighting investment opportunities in strategic sectors such as agriculture, industry, ICT, and banking.

Pakistani organizations participating in the event showcased their potential to capitalize on these sectors’ growth, emphasizing Pakistan’s increasingly favorable business environment.

Among the attendees were several high-ranking Chinese officials, including Ms. Liu Meiying, Deputy Secretary General of Beijing, Mr. Han Bin, President of the Dekezhou City Council for the Promotion of International Trade, Mr. Zhang Yanqing, Deputy Secretary General of the People’s Government of Pingdingshan City, and Mr. Li An, Deputy Director General, MOFCOM.

In his welcome remarks, Ambassador Khalil Hashmi underscored Pakistan’s strong commitment to deepening economic engagement with China. He noted the enduring momentum of B2B engagements that began with Business Conference in Shenzhen in June 2024.

The Ambassador highlighted the significance of this conference as the Embassy’s initiative to engage Pakistani enterprises and connect them with Chinese counterparts and to showcase success stories of previous investments. He also shared the Embassy’s roadmap for future B2B conferences being planned in the months ahead, encouraging Chinese investors to avail these opportunities.

Ambassador Hashmi expressed confidence that the interactions at CIFTIS would not only strengthen Pakistan’s service exports but also enhance economic integration between the two nations.

Ms. Liu Meiying echoed these sentiments in her remarks, welcoming the participation of Pakistani businesses in CIFTIS. She emphasized the complementary nature of the two economies and expressed optimism that Pakistani and Chinese enterprises would mutually benefit from the opportunities created through these exchanges.

The conference also featured keynote video messages from Federal Commerce Minister Jam Kamal Khan and Federal Minister for Investment, Privatization, and Communication Aleem Khan.

Both Ministers reaffirmed Pakistan’s steadfast commitment to facilitating Chinese investments in the country’s key economic sectors. They expressed optimism that the conference would serve as a platform to unlock new opportunities for Pakistani businesses, particularly in accessing the vast Chinese market.

The event featured presentations by Pakistani and Chinese enterprises on the range of investment opportunities and successful examples of Chinese investors. The Conference also included panel discussions on specific sectors. The event concluded with discussions on the future of trade, investment, and industrial partnerships, with a focus on creating mutually beneficial business ecosystems.

Notably, two Memoranda of Understanding (MoUs) were signed between Pakistani and Chinese companies valuing over 350 million US dollars, signifying the growing interest in bilateral business ventures and paving the way for enhanced investment and trade cooperation between Pakistan and China.

(ASIA PACIFIC DAILY)