Chinese Ambassador Calls for Strengthened China-Pakistan Economic Cooperation at PREF Forum

LAHORE   –   The recently established Pakistan Regional Economic Forum (PREF) in partnership with Embassy of China organized a High-Level Private Sector Investment Dialogue in Lahore. The event was co-chaired by the Chinese Ambassador His Excellency Jiang Yikong and was attended by business leaders of Pakistan. The Minister for Finance. Muhammad Aurangzeb, addressed the audience via zoom link from New York.

Chairman PREF Haroon Sharif, former Chairman of Board of Investment (BOI) in his welcome remarks highlighted the rapid economic transformation of the Region and the immense opportunities available in Pakistan for economic development. With overall theme of making connectivity work for the people, he reiterated that Pakistan’s needs a transition from a debt-to-investment economy, by leveraging infrastructure connectivity.  This will be done by seeking private sector capital investors from Central Asia, the Gulf and beyond to expeditious implementation of CPEC Phase – II. Khalid Mansoor, former SAPM on CPEC presented potential projects in the key PREF identified sectors: climate smart agriculture, energy transition, value-added textile, emerging technologies, information technology and trade logistics. Addressing the forum, the Chinese Ambassador emphasized the need to strengthen confidence in the development prospects of Pakistan confidence in China-Pakistan relations and in the bright future of mankind. He asserted that we must keep the development of the country and the destiny of national development in our own hands. He further stated that in order to strive for practical results, we must consolidate, deepen and expand China-Pakistan cooperation. Moreover, we need to take the agricultural advantages of neighbouring provinces as an example to discuss the agricultural cooperation between China and Pakista, he said. Also, Pakistan should offer enhanced mutually beneficial preferential policies for Chinese and regional entrepreneurs, he stated. The Chinese Ambassador stated that current problems in Pakistan’s energy sector was not due to Chinese enterprises or the concept of CPEC but due to Pakistan’s perennial issues in the sector. He pointed out that Pakistan’s energy sector had entered an adjustment phase, while power generation capacity had been enhanced, Pakistan’s energy sector is going through a systemic transition towards gaining more efficiency and price stability. The Finance Minister fully supported the approach introduced by PREF to promote private sector led regional projects and transactions. He also extended his government’s full commitment to facilitate the adequate private sector financing through multi-lateral and local resources. The work on a USD 1.0 billion fund for regional joint ventures have already started by the Pak-China and Saudi-Pak investment companies. In addition, the Finance Minister communicated his resolve to work with China and other regional countries for speedy implementation of CPEC-II and the overall prosperity and stability in the region. The session was followed by an interactive and focused dialogue where all participants shared comments, suggestions and projects which could lead to Joint Ventures in the region by complimenting each other’s comparative advantage.