BEIJING: Shaikh Muhammad Shariq, Vice President of the National Bank of Pakistan and Chief Representative in China, highlighted the Pakistani government’s substantial efforts to boost cross-border e-commerce and attract foreign investment, particularly from Chinese investors.
At the 3rd Cross-border E-commerce Innovation and Development Conference in Guangzhou, China, he emphasized the positive impact of favorable policies, including removing regulatory barriers and simplifying import/export procedures, creating an investor-friendly environment.
These policies, aimed at reducing costs and enhancing transparency in cross-border transactions, have paved the way for significant growth in e-commerce.
According to Shariq, Pakistan has successfully secured investments, notably from China, across various aspects of e-commerce, such as infrastructure, payment systems, and partnerships.
Shariq expressed optimism about Pakistan’s digital transformation, foreseeing a potential annual economic value of up to Rs. 10 trillion (US$ 35 billion) by 2030.
He noted that the information technology and IT-enabled industry could surpass traditional sectors like agriculture and manufacturing in exports. The rise of cross-border e-commerce in Pakistan has drawn considerable attention from Chinese investors, facilitated by favorable economic and trade policies, technological advancements, and improvements in logistics.
The Pakistani government has also embraced digital change, launching online complaint centers, e-governance web portals, and mobile applications to prepare the country for the digital era. Chinese e-commerce platforms, such as the acquisition of Pakistan’s Daraz.pk in 2018 and the entry of companies like Uber and Careem, have played a pivotal role in accelerating Pakistan’s digitalization.
Shariq highlighted the National Bank of Pakistan’s commitment to technological advancements, including the ongoing upgrade of its Core Banking Application and improvements in digital applications and the ATM network. In 2022, the bank processed seventy-seven million digital transactions, totaling over PKR one trillion (USD 4.89 billion).
Collaborative initiatives with provincial governments, such as the e-stamping initiative, have also facilitated government-to-person payments.
Shariq mentioned the support of the China-Pakistan Economic Corridor (CPEC) in constructing industrial cities, which will include warehouse facilities to accommodate the increased trade brought about by the project.
Shariq emphasized that Chinese investors recognize the vast potential in the Pakistani market, and the National Bank of Pakistan has played a crucial role in supporting these investments through financial assistance and guidance for both local businesses and Chinese investors. —APP
