Chinese Consul General advocates enhanced business ties and investments in Punjab
Consul General of China Zhao Shiren emphasized the potential for enhanced trade between Pakistan and China through increased collaboration between their private sectors across various economic sectors, particularly focusing on investments in Punjab through public-private partnerships. He highlighted the role of the Chinese Consulate General in bridging the two nations and promoting bilateral trade, urging improvements in security, tax reforms, and infrastructure. The Federation of Pakistan Chambers of Commerce and Industry echoed the sentiment, underlining the attractiveness of Pakistan and Punjab for foreign investment, especially within Special Economic Zones, and emphasizing the shift from government-to-government to business-to-business cooperation, aiming for mutual benefits and addressing challenges like overcapacity through joint ventures and technology transfer.
Consul General of China Zhao Shiren has said that the collaboration between the private sectors of Pakistan and China in various sectors of the economy can bring trade to new heights.
We prioritise making significant investments in Punjab under the public and private partnership for the long term. China’s influential stakeholders will also conduct joint ventures in Punjab. The Chinese Consulate General is playing a role of a bridge between Pakistan and the Chinese nation.
He expressed these views while talking to office-bearers and members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at the regional office on Tuesday.
He further said that we are trying to establish strong links to promote bilateral trade with China’s counterparts, trade bodies and chambers. Chinese companies will invest more in Punjab tourism. He added that Pakistan should improve security and bring tax reforms for better investment. Electricity, gas, and infrastructure need to be improved and the continuation of economic policies is essential. We will start the training programme with the Technical Education & Vocational Training Authority (TEVTA).
Regional Chairman and Vice President FPCCI Zaki Aijaz and Vice President Zain Iftikhar Ch said that Pakistan and Punjab are great places for investing because they offer many benefits to foreign investors. Special Economic Zones (SEZs) of Punjab provide particular incentives to investors and we want partnerships in these SEZs.
They said the CPEC is widely regarded as a game-changer for Pakistan and the region. Its phase 1 was focused on infrastructure development, energy projects and transport connectivity while the phase 2 aimed to promote joint ventures, industrial cooperation, agricultural development, trade facilitation, and social welfare.
The key initiatives of this phase are awaited. In the past, government-to-government (G2G) cooperation was the main focus. We aim to shift our attention towards fostering business-to-business (B2B) cooperation, they added.
Zaki Aijaz said we propose Chinese enterprises to Pakistan as it would mutually benefit both nations. Pakistan enjoys the Generalized System of Preferences (GSP) plus status granted by the European Union (EU). Pakistan has signed FTAs with several countries, including Sri Lanka, Turkey, Malaysia, and China.
He said we would like to address the challenge of overcapacity in specific sectors and believe that a joint venture can address this issue effectively. We seek technology transfer, technical training and Chinese language skills, he added.
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