LAHORE: Eight-member Chinese delegation from Sichuan province Hebei Chamber of Commerce has arrived in Pakistan on the invitation of SM Naveed, President of Pak-China Joint Chamber of Commerce and Industry (PCJCCI) to review joint venture opportunities in the fields of Automobiles innovative accessories, town planning and vertical buildings infrastructure.
The delegation consists of Gaoqiang, Xu Yingliang, Cao Wei, Yang Yongang and Cao Zaiqiang, and PCJCCI President SM Naveed and Vice President Rana Mehmood Iqbal briefed them on the demand of innovative energy efficient automobiles, car accessories and vertical buildings in Pakistan, according to joint chamber’s spokesperson here on Monday
S.M. Naveed said that automotive industry in Pakistan was one of the fastest growing industries of the country, accounting for four per cent of Pakistan’s GDP and employing a workforce of over 1,800,000 people. With the growing demand for automobiles, demand for the car accessories had also increased, he said.
The head of the delegation, Mr. Gaoqiang said that we want to venture with Pakistan in mechanical parts and accessories, Electric motor parts and accessories and Electronic parts and accessories. According to Mr. Gaoqiang, China has extensive manufacturing facilities that could be relocated to Pakistan based on the demand for accessories. He said that China is eager to make a massive investment in the Pakistani auto-sector where the vehicle’s quality and the price will boost the competitiveness in the market. The process of putting the plant together is expected to be completed in 2 to 3 years.
S.M Naveed informed the delegates about the automotive policy 2016-2021, according to which, new investors under the category ‘A’ shall be eligible for the Duty-free import of plant and machinery on a one-time basis, Concessional rate of custom duty at the rate of 10 percent on non-localized parts and 25 percent on localized parts for a period of five years for manufacturing of cars and LCVs, eligible to import 100 vehicle at 50 percent of the prevailing duty for test marketing of the project, he added.
Chinese delegates shared their plan for an exclusive China Town in Lahore to reside, and hoped that after completion of the model China Town, the design would be replicated for local citizen as well.
Adding to this, Rana Mehmood Iqbal told the delegates that PCJCCI had already been taking initiatives for the formation of model China Town that could attract more investment and promote ventures in real estate and construction sector. He said that they had to bring unique Chinese vertical building designs before the people to create a need and demand. When people would see something visible, they would be automatically attracted, he added.
Both parties were optimistic towards joint ventures between China and Pakistan in the fields of automobiles accessories, building infrastructure and town planning. The meeting ended with serious reviews for setting up manufacturing concerns of car accessories and development of Pak-China joint housing schemes.
It was notable that for a resource-constrained Pakistan, an investment of US $ 62 billion in the projects under the umbrella of CPEC, presented the ideal platform to nullify the effects of past missed opportunities and embark on a path of sustained economic growth.
