Commerce Minister urges Chinese businesses to explore investment opportunities in Pakistan

Federal Minister for Commerce, Jam Kamal Khan on Saturday emphasized the strategic partnership between Pakistan and China, often referred to as “iron brothers.”

The Commerce Minister highlighted the importance of aligning the two countries’ economic cooperation with their strong political and strategic ties. “While our economic partnership has grown significantly, particularly through initiatives like the China-Pakistan Economic Corridor (CPEC) and the China-Pakistan Free Trade Agreement (CPFTA), there is still vast untapped potential,” the minister noted.

Federal Commerce Minister delivered a virtual keynote address at the Pakistan Investment Conference held during the China International Fair for Trade in Services (CIFTIS), China’s second-largest exhibition.

Organized by Pakistan’s Embassy in Beijing in collaboration with China’s Ministry of Commerce (MOFCOM) and the Beijing Municipal Government, the event aimed to bolster B2B exchanges and foster investment opportunities in Pakistan.

Focusing on Phase II of CPEC, which emphasizes business-to-business (B2B) exchanges and win-win partnerships, the Commerce Minister stressed that since the Prime Minister’s visit to China in June 2024, efforts to facilitate Chinese investments in Pakistan have gained momentum.

He assured Chinese businessmen of the Government of Pakistan’s support, reaffirming its commitment to creating an environment conducive to investment and industrial growth.

The Commerce Minister outlined the competitive advantages that Pakistan offers to Chinese businesses, including abundant economic resources, investor-friendly policies, and access to major regional and global markets.

He particularly emphasized Pakistan’s demographic strength, noting that with a population of over 240 million people and a median age of 21 years, the country offers both a vast consumer base and a cost-competitive, adaptable workforce.

The conference featured top industrial park operators and companies from Pakistan, including representatives from the Pakistan Green Initiative (SIFC), Exports Processing Zones Authority, Dhabeji Special Economic Zone, Gwadar Free Zone, International Innovative Park (EPZ), Netsol, National Bank of Pakistan, JW Group, and Uqab Group. Each of these organizations showcased Pakistan’s potential across sectors such as agriculture, industry, ICT, and banking.

High-ranking Chinese officials also attended the event, including Ms. Liu Meiying, Deputy Secretary General of Beijing Municipal People’s Government; Mr. Li An, Deputy Director General of MOFCOM; Ms. Lin Changhua, Deputy Director of SCO Demonstration Area, Qingdao; and Mr. Zhang Yanqing, Deputy Secretary General of the People’s Government of Pingdingshan City.

During the conference, two important agreements were signed, including:- A USD 382 million investment contract between COFCO Technology and International Innovation Park Limited (EPZ).

A Memorandum of Understanding (MoU) between IBI and CEO Waetz Asia for Digital Transformation and Supply Chain Optimization of 200 textile factories in Pakistan.

The second half of the conference featured panel discussions on Industrial Park Development in Pakistan and the potential for agriculture and technology cooperation between the two nations.

The panel discussions were held at the Pakistan Pavilion, where an Investment Lounge was set up to facilitate B2B meetings between Pakistani and Chinese enterprises. The Pavilion themed “Invest in Pakistan” will remain operational from September 12 to 16, 2024, with a strong turnout from Chinese companies engaging with Pakistani businesses .Concluding his speech, Commerce Minister urged Chinese businesses to explore the vast opportunities Pakistan offers, stating, “With new developments and emerging opportunities on the horizon, Pakistan is the place to invest, and the time to act is now.” He warmly invited all attendees to visit Pakistan to further explore the exciting investment and business prospects awaiting them.

Manufacturing: Chinese investors will be welcomed to set up their manufacturing in Pakistan and export products to the European Union.

We have good market in European countries and the Middle East, where we have also finalized the Free Trade Agreement.

This was stated by Pakistani Ambassador to China Khalil Hashmi while taking with China Economic Net (CEN).

“We have a strong foundation to promote China-Pakistan trade cooperation,” Hashimi said, referring to almost 11 years of the construction of the China-Pakistan Economic Corridor (CPEC), and the China-Pakistan Free Trade Agreement.

Meanwhile, Pakistan National Pavilion was officially inaugurated here at the 2024 China International Fair Trade in Services (CIFTIS), marking another joint effort made by China and Pakistan to showcase investment opportunities in Pakistan and further promote bilateral trade.

As chief guest of the event, Ambassador Khalil Hashmi stressed the importance of the pavilion in providing business opportunities to Pakistani stakeholders.

“As one of the major fairs for China’s opening up to the world, thousands of enterprises have come here every year.

This also highlights the unique appeal and attraction of Beijing as a capital city-one that draws in talent, capital, and good management practices. By bringing these elements together, the CIFTIS creates a significant impact and adds more value,” the envoy said.