PCJCCI Vice President highlights Chinese investments and opportunities for Pakistan’s industrial development

LAHORE: Vice President of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) Zafar Iqbal said during a meeting with the executive body that approximately 2,300 Chinese companies of varying scales are currently operating in Pakistan, investing across diverse sectors, including those under the China-Pakistan Economic Corridor (CPEC).

He highlighted that Chinese companies are particularly interested in investing in industries such as electronics, automotive, educational exchange programmes, insurance, agriculture, textiles, shoe manufacturing, chemicals, battery recycling plants and real estate.

Iqbal pointed to the potential of Pakistan’s chemical industry, which supplies critical inputs to several sectors such as textiles, agriculture, food and beverages, leather, paper, pharmaceuticals, plastics, printing, and sugar. He stressed the need for building a global reputation for ‘Made in Pakistan’ products, evolving from mere strength to a recognised brand.

He further noted that Pakistan is the eighth largest exporter of textile products in Asia. This sector contributes 9.5 per cent to GDP and provides employment to approximately 15 million people, accounting for 30 per cent of the country’s 49-million-strong workforce. He urged collaboration with the All Pakistan Textile Mills Association (APTMA) and the Punjab Board of Investment and Trade (PBIT) to facilitate joint ventures that could help local textile manufacturers modernise their outdated technology.

The PCJCCI vice president also underscored the opportunities for Pakistan to leverage China’s advancements in the biochemical industry, which has revitalised the traditional chemical sector and opened up new avenues for growth and innovation. “With the rapid development of biotechnology, the biochemical industry has become a new growth engine for the chemical sector,” he said, adding that cooperation in this field could yield significant benefits for both countries.

In his concluding remarks, Iqbal stressed that the PCJCCI aims to serve as a bridge between the business communities of Pakistan and China, fostering collaboration to explore and expand opportunities in the commercial and industrial sectors. He called on the government to support initiatives that would open up new horizons of knowledge and technology for young entrepreneurs and business owners.