Pakistan seeks China’s help to boost investments in the country

Islamabad: Pakistan has sought China’s help to boost investments in the country.

Minister of Commerce and Industry, Dr Gohar Ejaz, engaged in a meeting with Jiang Zaidong, the Ambassador of China to Pakistan to discuss bilateral cooperation.

The primary agenda was the discussion of economic cooperation between Pakistan and China, with a particular focus on trade and investment. The key point of the deliberations centered around the ongoing second stage of the China-Pakistan Economic Corridor (CPEC), said an official statement.

Dr Ejaz conveyed that the initial phase of CPEC, managed at an inter-governmental level, has successfully facilitated Pakistan in building essential infrastructure, road networks, and power plants to meet its energy demands.

He emphasized that the groundwork has been laid, and it is now opportune for the private sectors of both countries to capitalize on the benefits.

Minister Ejaz heralded a new phase in the relationship, initiated by consensus between President Xi Jinping and Prime Minister Anwar ul Haq Kakar. He urged the Chinese private sector to invest in Pakistan, with a specific focus on Special Economic Zones (SEZs) in Lahore and Karachi. He also shared discussions with Ambassador Sha Zu Kang, President of Pak China Friendship Association, in China, affirming that this collaborative approach is the way forward.

Highlighting the significance of private sector collaboration, Minister Ejaz disclosed plans for the development of a Northern SEZ to connect Urumqi with Pakistan. He mentioned the availability of Lahore and Karachi SEZs for further development. As part of his “Vision Pakistan: Road to US $100 billion Exports,” he has established Export Advisory Councils for Textile and non-Textile Sectors, aiming to enhance exports through regular consultations.

Dr Ejaz underscored the importance of Small and Medium Enterprises (SMEs) and non-textile sectors for Pakistan’s prosperity.

He said the Non-Textile Export Advisory Council includes prominent figures from various sectors, while the Textile Export Advisory Council comprises leading exporters.

In continuation of Prime Minister’s recent visit to China, Minister Ejaz announced a delegation visit to China from December 11 to 15, 2023. This delegation would include members of the Export Advisory Councils and CEOs of top industrial groups in Pakistan, fostering trade, investment, and joint ventures.

The Chinese Ambassador on the occasion acknowledged the Commerce Ministry’s pivotal role in promoting Pakistan-China trade and increasing Pakistani exports.

Discussions also touched upon key projects such as the upgradation of Main Line One (ML-1), realignment of the Karakoram Highway, and the importance of the northern region, specifically the Khunjerab Pass.

Minister Ejaz reiterated the necessity to develop and operate Special Economic Zones and emphasized the significance of the Gwadar Port, highlighting Pakistan’s focus on sectors like agriculture, mining, new energy, and Information Technology under the Sino-Pakistan Strategic Integrated Framework Cooperation (SIFC).

The Commerce Ministry, he added, played a crucial role, especially concerning SEZs and the production of value-added goods.