ISLAMABAD: Pakistan Business Forum (PBF) has commended the efforts of the finance division and State Bank of Pakistan for the approval of Chinese yuan (RMB) while trading with Chinese companies.
Talking to media on Thursday, PBF Chairman (Capital Area), Atif Ikram Sheikh said that Commercial Bank of China (ICBC) has granted approval for yuan (RMB) clearing services in Pakistan. This means ICBC will facilitate yuan transaction clearing for Pakistani banks.
“I extended my gratitude to the Finance Minister and the Governor of the State Bank of Pakistan for their persistent efforts in making this possible.”
He said this development simplifies cross-border transactions and fulfills financing needs for both countries. It also provides more choices for our exporters and reduces currency conversion costs when trading with China.
PBF now encourages the Pakistani exporters to make the most of this opportunity for trade with China, strengthening our economic ties and take better share in bilateral trade.
PBF Chairman Atif Ikram further said that China remains Pakistan’s largest trading partner and it is expected as special economic zones (SEZs) under the umbrella of CPEC are being established and functionally properly, they will attract more FDI for Pakistan in the near future not only from China, but also from other countries.
As from 2013 to 2022, the volume of trade in goods between China and BRI countries has doubled from US $1.04 trillion to US $2.07 trillion, with an average annual growth rate of 8%”.
In the same period, China’s cumulative bilateral investment in BRI countries exceeded US $270 billion, he added.
By the end of 2022, Chinese companies had invested a total of $57.13 billion in overseas economic and trade cooperation zones in BRI countries, creating 421,000 jobs.
From 2013 to 2022, over half of China’s contracted projects abroad are in BRI countries, with the total value of new contracts signed and the total turnover of completed projects in BRI countries exceeding US $1.2 trillion and US $800 billion respectively.
