Pakistan explores trade and investment prospects in Shanghai economic city

ISLAMABAD: Pakistan actively explores trade and investment cooperation opportunities with Chinese enterprises and welcomes direct Chinese investment in Pakistan, including manufacturing operations for sales within Pakistan or duty-free export, said Hussain Haider, the Pakistani Consul General in Shanghai, during the Pakistan International Promotion Conference.

During his presentation on trade and investment opportunities in Pakistan, the consul general provided an overview of unique Pakistani products, top exports, Pakistan’s foreign trade, preferential investment policies in Pakistan, the China-Pakistan Economic Corridor, foreign investment incentives, and priority sectors for investment, among other topics, according to a report published by Gwadar Pro on Wednesday.

“Pakistan, situated at a crucial juncture of the Belt and Road, possesses a unique geographical location and abundant natural resources,” added the consul general.

He further highlighted that “with its substantial market potential, youthful workforce, and agricultural advantages, Pakistan holds significant development potential in the fields of economy, Special Economic Zones (SEZs), tourism, and culture, thus attracting Chinese investment and tourists.”

According to the Board of Investment, Pakistan, net Foreign Direct Investment (FDI) inflows from China reached USD 847,000,000 in 2019-2020 and USD 758,000,000 in 2020-2021.

The consul general mentioned that “Shanghai-based companies that have invested in Pakistan have achieved significant success and serve as exemplary Pak-China collaboration cases. We anticipate further investments from the Shanghai economic zone in the post-pandemic era.”

Jiawen Pei, the chairman of Shanghai Blue Sky Economic City Development Co., Ltd, acknowledged the presence of 20,000 enterprises in the city park, many of which align with Pakistan’s encouraged investment direction.

He welcomed the establishment of the Pakistan National Pavilion within the economic city, aiming to expand the sales of high-quality Pakistani products through offline display and e-commerce.

The Shanghai Blue Sky Economic City is an economic development zone authorized by the government of Shanghai’s Jiading District. Established in 1994, it is located in Nanxiang, a picturesque town with a rich historical and cultural heritage and a strong presence in the gaming industry. The chairman expressed the desire to strengthen interaction with Pakistan, jointly optimize the business environment, and serve as a bridge for cooperation between the two sides.

More than 100 enterprises in logistics, food processing, information technology, automobile parts, and hardware participated in the promotion conference, demonstrating their interest in trade and investment.

They raised various questions such as the currency for settling trade transactions between China and Pakistan, laws concerning the employment of local Pakistani employees, and preparations for joint ventures.

The consul general addressed these queries on-site and provided the necessary answers.