Here comes another offer from China to boost the Pak-China bilateral relations through strong economic ties. Recently, China has asked Pakistan to benefit from new economic opportunities and explore new markets through SHFTZ (Shanghai Pilot Free Trade Zone).
Director General Bureau of External Communications of SHFTZ, Wang Ying, briefed Pakistani journalists and told them that SHFTZ was a part of China’s historic One Belt, One Road program. He further said that benefiting from this free trade economic zone would allow Pakistani entrepreneurs to boost their businesses by making their way to new markets.
Briefing to Pakistani Journalists
Mr. Wang Ying, briefed Pakistani media persons, during their short-term training course at Renmin University Beijing. He urged them to spread the word about Shanghai Free Trade Zone to the Pakistani entrepreneurs who are looking to expand their ideas and products into diverse markets. He also told that SHTZ was explicitly for the countries that come under China’s One Road-One Belt program. According to Mr. Wang Ying, utilizing from the free trade zone can make Pakistani businesspeople boost their business through portfolio enhancement.
About Shanghai Free Trade Zone
China established SHFTZ in 2013. The free trade economic zone occupies an area of 120.72 square kilometers along the gold coast of East China Sea. Almost 23,243 registered companies are working in the region, including 2,342 foreign-funded and 14, 860 newly registered organizations. The industrial sector is using the primary area of the zone. Later, the future significance of the region made the speculators bet on the commercial space, leading to rising in office rents. Now, the companies can virtually register their offices in the zone, while benefiting from the preferential policies.
Role of SHPTZ in Pak-China Relations
The historic CPEC (China Pakistan Economic Corridor) is going to shape the future of Pak-China relations. The 56 billion dollar project aims to boost the bilateral ties between the countries by opening up several economic opportunities. Critics argue that CPEC might have a harmful impact on Pakistan as it may continue to make the nation a consumer economy. Well, apart from all these objections on CPEC, economic opportunities that Shanghai Free Trade Zone offers are different. They allow Pakistani businesses to explore new markets and expand their activities by benefiting from the free trade policies of the zone. China which is on its way to becoming an economic superpower is entering many such beneficial contracts. The recent mega deal of China Eastern with Air France KLM, Virgin and Delta is one such example.