Delegation of Pakistan Furniture Council Leaves for China to Seek Prospects of Business and Investment Opportunities

ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 27th Sep, 2019 ) :An high level delegation of Pakistan Furniture Council (PFC) Friday left for China on a 3-day visit to explore new markets and strengthening existing bilateral trade relations with their counterparts in furniture industry during business to business contacts.

Prior to leave, PFC Chairman Mian Kashif Ashfaq said in a statement that this visit will provide an opportunity to explore new avenues by sharing vision, expertise for formulation of future policies, economic studies, sectoral and project specific reports besides promotional efforts.

He said they would also invite Chinese furniture manufacturers and investors to avail business opportunities being offered by Faisalabad Industrial Estate Development and Management Company (FIEDMC) to local and foreign investors besides package of incentives for those who are interested to invest in Special Economic Zones (SEZs).

He further said they would also apprise the Chinese investors of furniture city being development over tract of land 150 acres in Allama Iqbal Industrial City and this would indeed has a great charm for both local and foreign investors.

Mian Kashif said for the first time in the country’s history, light-weight and moveable wood furniture of world standard would be produced in the furniture city since in the modern age heavy furniture had no demand in the international market and only domestic customers were attracted by such products.

“The light-weight and moveable furniture will also be exported to the world market where demand is high to meet the needs of offices, shopping malls, buildings and plazas,” adding he said the project will produce 200,000 jobs and also bring together people engaged in this business but are scattered around the city.

PFC is focusing on marketing activities in key foreign markets mainly United States, Japan, European Union, the Gulf region and South Asia. However, he was of the view that despite imbalances in volume of trade between Pakistan and China, economic and trade relations between Pakistan and China held great potential and there was dire need for Pakistani business community to focus on improving their competitiveness in the Chinese market.

Mian Kashif also urged the businessmen to take full advantage of concessions granted by China under the China-Pakistan Free Trade Agreement (CPFTA).

He said that the trade increased despite the fact that Pakistani businessmen used only 3.3% of the total tariff lines.

He said Pakistan could only export in 253 tariff lines out of the total 7,550 where average export value was $500.

He said that there was a great demand of Pakistani furniture products abroad as its designs are unique besides popularity of properly processed high quality wood for its durability.

He informed that interaction with business organisations from the public and private sectors of China would open vistas of opportunities for delegates that ultimately boost cross-border business and trade collaboration.