Faiza Tehseen

The development of digital economy bonds between Pakistan and China is vital to extract maximum benefits from the China-Pakistan Economic Corridor (CPEC), opined Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Nazir Hussain while talking to WealthPK.

He said information sharing in every field was crucial for international cooperation and regional connectivity. People-to-people bonds always help implement strategic initiatives. Like the ancient Silk Route, there is a dire need for establishing a “digital silk route” between China and Pakistan to harness trade and business and currency swaps with other countries along the CPEC. In this way, the collaboration between the Asian Infrastructure Investment Bank (AIIB) and the BRICS New Development Bank can help forge multilateral financial cooperation in the form of syndicated loans and bank credits.

The said system in the region can be operationalized through the China-ASEAN Interbank Association and SCO Interbank Consortium. “So, there is a dire need to develop a concrete agenda to initiate a strong communication process. It must be supported with the friendly exchange of respective legislative bodies. The digital economy corridor will help Pakistan rise as a regional role model for economic development. PCJCCI is always ready to play its role in this move by fully supporting the companies from two sides to work together,” added the PCJCCI president.

Discussing with WealthPK the importance of digital economy bonds between Pakistan and China, Rawalpindi Chamber of Commerce and Industry (RCCI) Media Manager Zulfiqar Ahmad said, “China is the global leader in digital innovation, especially related to AI, 5G, and blockchain technologies. The Pakistani market is untapped with regard to the digital businesses. To benefit from its immense digital market potential, Chinese trade bonds and coordination are direly needed.” He said Chinese penetration in setting up the Pakistani digital market will help the country scale up its IT service and expand the digital footprint.

Digital economy encompasses artificial intelligence, e-commerce, digital payments, and cloud computing. For Pakistan and China, investment in this sector will bring a good number of opportunities. He said, “Expanding CPEC as a digital corridor will open up avenues of innovation and digital advancement. Connectivity through the fiber optics networks, technology transfers, and joint research initiatives are necessary to integrate Pakistan into a regional and global digital economy.” Zulfiqar said strengthening digital ties with China could help Pakistan reduce its trade deficit by diversifying exports in digital services and information technology. This collaboration will also reinforce the bilateral relationship.

Credit: INP-WealthPk