CPEC plays key role In Pakistan’s economic development, says Aleem Khan

ISLAMABAD: Minister for Privatisation and Investment Abdul Aleem Khan told the International Fair for Trade and Services in Beijing that establishing or shifting industries to Pakistan is 70 per cent cheaper than North America and Europe.

In a virtual address at the China International Fair for Trade in Services (CIFTIS) on Saturday, the minister highlighted investment opportunities in agriculture, livestock, food processing, and minerals. “Chinese investors should benefit from the best opportunities like special economic zones, export processing zones and Gwadar free zones,” he added.

Themed “Global Services, Shared Prosperity”, the eight-day CIFTIS 2024 opened on Sept 12, at the China National Convention Centre and the Shougang Park in Beijing, has been expanding its “circle of friends” in recent years.

Since 2020, the fair has showcased more than 480 new achievements from over 300 domestic and international entities, fueling innovation and bolstering industrial and supply chains.

The minister noted that Pakistani companies are getting opportunities to increase business-to-business activities from China. More than 2000 companies from 107 countries around the globe are participating in the international fair in Beijing, while from Pakistan 150 entrepreneurs are part of the grand event.

He lauded the participation of Pakistani companies in the expo and said that the eternal history of friendship between China and Pakistan is getting stronger with time. “This international event will be an excellent opportunity and a positive step for investment with great expectations,” he remarked.

Following the prime minister’s visit to China in June, he said there has been a breakthrough for bilateral investment and business development in Pakistan, which will be carried forward positively.

He indicated that under CPEC, transport, infrastructure, energy, and communication in Pakistan have developed visibly, and significant improvements have been made in these sectors.

Chinese President Xi Jinping, in a message on the opening of CIFTIS, said that China is ready to work with all countries to jointly share opportunities, discuss cooperation and promote development in line with the general trend of economic globalization, to contribute to promoting global economic growth and the well-being of the people of various countries.

The CIFTIS, having been successfully held for 10 years, is a vivid portrayal of the high-quality development of China’s service industry and service trade, making positive contributions to building an open world economy, Xi Jinping said.

He said China will promote high-quality development via high-level opening up, improve institutions and mechanisms for high-level opening up, innovate and upgrade trade in services, actively align itself with high-standard international economic and trade rules, promote interoperability and compatibility of rules, regulations, management and standards in the service sector, open its service market wider to the outside world in an orderly manner, enhance the functions of the service sector and service trade as platforms of opening up, and forge a market-oriented, law-based and internationalised business environment.