BEIJING, Aug. 7 (INP): China-Pak e-commerce platform has joined hands to make industrial upgrading, China Economic Net (CEN) reported on Wednesday. Recently, Beijing-based high-quality industrial Internet enterprises IBI and the Ministry of Information Technology and Telecommunications of Pakistan officially established strategic cooperation relations.  Beijing Toodudu E-commerce Co., Ltd., a core subsidiary of IBI, signed a strategic cooperation agreement with Pakistani company Michael & Parker. “It is a vital stride taken by IBI to actively respond to China’s Belt and Road Initiative, as well as promote regional economic cooperation and development,” an official introduced.

“IBI will join hands with the Pakistani government to tailor global one-stop full-chain services for various industrial chains in Pakistan backed by its superior advantages in digital economy, industrial Internet, cross-border presence of industrial belts and other aspects, thus spurring the collaborative and innovative development of industrial and supply chains.” Shaza Fatima Khwaja, Minister of Information Technology and Telecommunications of Pakistan, fully affirmed the achievements made by IBI in digital economy, industrial Internet, cross-border industrial belts, and elaborated in detail the difficulties and challenges currently faced by Pakistan in these fields. 

She expressed the hope that IBI could deeply participate in Pakistan’s economic construction. According to mutual agreement, IBI will partner with local core enterprises to supports its businesses in Pakistan by giving full play to its mature resources in digital economy and robust digital technology advantages. It will work together with the Pakistani government to advance cooperation in cross-border integrated service platform, supply chain collaboration platform, cross-border barter platform, cloud factory program, enterprise promotion and talent exchange, thus promoting the global presence of more enterprises based in both China and Pakistan. Guests attending the signing ceremony included Shaza Fatima Khwaja, Minister of Information Technology and Telecommunications of Pakistan, Ghulam Qadir, Commercial Counsellor at Pakistani Embassy, Erfa Iqbal from the Prime Minister’s Office of Pakistan, Liu Junzhai, Director and Senior Vice President of IBI, and Danyal, Vice President and General Manager of Cross-border E-commerce of Toodudu.

So far, cross-border e-commerce has become a bellwether in China’s economic growth against the trend while facing a global downturn.  The latest data shows that in the first half of 2024, China’s cross-border e-commerce imports and exports reached RMB 1.22 trillion, a year-on-year increase of 10.5%, 4.4 percentage points higher than the overall growth rate of China’s foreign trade in the same period.  The volume of cross-border mail and parcels supervised by Chinese customs reaches more than 7 billion pieces per year, with an average of 20 million parcels are transported to all parts of the globe by train, plane and ship every day. Specifically for the scale of China-Pakistan e-commerce trade, the figure is about USD 3.5 billion in 2021 and is expected to grow to about USD 60 billion by 2030.

Credit: Independent News Pakistan (INP) — Pak-China