Latest news with #PakistanChinaJointChamberof
Business Recorder
3 days ago
- Business
- Business Recorder
Seafood sector: performance highlighted
LAHORE: Pakistan's seafood sector continues to demonstrate resilience and growth, supported by the country's abundant marine resources and increasing international demand. Nazir Hussain, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) emphasized the sector's strong export performance and the growing importance of China as a destination for Pakistani seafood products. According to data released by the Pakistan Bureau of Statistics (PBS), Pakistan's seafood exports from July to May (2020-24) stood at $383.088 million; an increase from $373.382 million recorded during the same period in 2019-23. This reflects a year-on-year growth rate of approximately 2.6 percent, despite global economic challenges and fluctuating trade patterns. He added Pakistan is endowed with immense fishing potential, thanks to our 1,000-kilometer-long coastline, diverse aquatic species, and favourable climatic conditions. China has emerged as a pivotal partner in our seafood trade, accounting for a substantial portion of our exports. Brig. Mansoor Saeed Sheikh (retd), Senior Vice President PCJCCI said that China is one of the world's largest consumers and importers of seafood. According to the International Trade Centre (ITC), Pakistan exported around 29% of its total fish and aquatic products to China in 2019 alone. With increasing urbanization and growing consumer demand for high-protein diets, China's seafood imports have surged, creating significant opportunities for Pakistani exporters. Pakistan's geographical proximity, competitive pricing, and abundant supply position it as a natural trading partner for China's seafood sector. Zafar Iqbal, Vice President PCJCCI further highlighted the need for Pakistan's fisheries industry to move toward value-added processing, such as filleting, vacuum-packing, and quick freezing, to capture higher margins in export markets. By investing in modern processing and cold chain infrastructure, we can significantly enhance export revenues and create employment opportunities. There is also rising interest among Chinese investors to establish seafood processing facilities directly in Pakistan. This would reduce logistics costs and improve supply chain efficiency. He added that there is only one factory that has just started working on nitrogen-based quick-freezing ice. This technology helps in maintaining the quality. The product freezes fast. Salahuddin Hanif, Secretary General PCJCCI said that Pakistan's government has taken several steps to boost the fisheries sector, including the modernization of fishing harbours, training for fishermen, and subsidies for cold storage and transport. Additionally, the Marine Fisheries Department is working closely with exporters to ensure compliance with international quality standards. Our goal is to position Pakistan not just as a supplier of raw seafood, but as a competitive producer of high-quality, value-added marine products for international markets. Copyright Business Recorder, 2025
Business Recorder
08-05-2025
- Business
- Business Recorder
‘US dollar dominance being fundamentally challenged'
LAHORE: In a compelling analysis of the rapidly evolving global financial landscape, Zafar Iqbal, Vice President of the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) stated that the long-standing dominance of the US dollar in international trade is being fundamentally challenged. He attributed this shift to the fast-paced development of digital currency infrastructure, led by China's digital yuan and its cutting-edge Cross-Border Interbank Payment System (CIPS 2.0). According to Iqbal, this innovation signals 'a new financial era characterized by speed, transparency, and a multipolar currency order.' Addressing a strategic roundtable discussion at the PCJCCI Secretariat, he highlighted the landmark execution of CIPS 2.0's first international transaction — a 120 million yuan payment for auto parts, completed in just 7.2 seconds from Shenzhen to Kuala Lumpur. This real-time transaction bypassed traditional banking lags, which typically take up to three business days via the SWIFT system. PCJCCI vice president said that this was not just a quick transfer but it was a financial breakthrough. It marked the rise of a new infrastructure that has the potential to redefine how global economies conduct trade, settle payments, and foster growth. He noted that the expansion of China's digital financial systems represents a transformative shift, challenging traditional frameworks historically controlled by Western powers. For emerging economies, especially those in the Global South, this shift offers an opportunity to reduce dependence on dollar-dominated systems and engage in trade on more equitable and transparent terms. Zafar Iqbal said that this isn't merely about faster payments, it's a systemic shift in how global settlements function cutting costs, boosting trust, and offering developing economies like Pakistan the chance to stand on equal financial footing with the world's major players. He also highlighted three transformative advantages offered by CIPS 2.0 and the digital yuan: Cost Annihilation: Traditional cross-border payments via SWIFT incur high transaction and intermediary fees. With CIPS 2.0, fees are negligible—often less than a dollar—allowing massive savings across global trade. Technological Supremacy: Digital yuan transactions can operate offline and leverage smart contracts to auto-trigger settlements, vastly improving efficiency and eliminating fraud-prone paperwork. Security Innovation: CIPS 2.0 uses blockchain-backed transparency and AI-powered risk monitoring to prevent money laundering in real-time, outpacing legacy systems that rely heavily on delayed manual oversight. He explained how these features not only improve financial reliability but also open up a new era of digital trade—where programmable money, instant settlements, and fraud-proof systems are the standard, not the exception. He warned that countries like Pakistan must not remain passive observers to this transformation. Instead, they should align with this rising ecosystem to unlock new trade opportunities, improve economic resilience, and modernize their financial architecture. 'Digital yuan adoption is expanding exponentially,' he added. 'Pakistan must now act strategically—by integrating with these new rails of commerce, we can future-proof our trade and financial sectors, enhance regional partnerships, and reduce our vulnerability to dollar liquidity shocks.' Copyright Business Recorder, 2025
