BEIJING: “Pakistan is fast becoming a hub of trade and economic activities due to liberal economic policies of present government and days are not far when Pakistan will be top priority of foreign investors.” Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad stated this while talking to a 17-member Chinese delegation led by Executive Vice Chairman of Shandong Province Federation of Industry and Commerce Sun Ru Sheng, at LCCI on Wednesday. LCCI Vice President Nasir Saeed and executive members were also present.
LCCI chief further said China has played a fundamental role in the economic uplift of Pakistan and the people of Pakistan consider China a saviour as it has extended the best cooperation to Pakistan at all testing times. The delegation is visiting Pakistan at a time when Pakistan is looking to maximise foreign direct investment. Being a resourceful country, Pakistan has a lot to offer foreign investors, he added.
LCCI President mentioned that Pakistan is fourth largest producer of milk and cotton, 9th largest producer of wheat, 10th largest producer of rice, 7th largest producer of fruits and ranked 10th as far as labour force is concerned. Geographically, Pakistan is situated at one of the best places of the world and foreign investor can make their way to the landlocked Central Asian States and countries of the South Asia through making investment in Pakistan, he maintained.
“China is one of the largest trading partners of Pakistan and it is expected that bilateral trade between Pakistan and China will touch the figure of US 15 billion dollars in the next few years. Although Pakistan’s exports to China have been gradually increasing, the trade has always been in favour of China. Because of excellent economic policies of China and the hard work by the Chinese leadership, China has become a big economic force in the world,” he mentioned.
In his speech, delegation head Sheng said, “Chinese businessmen are ready to join hands with Pakistani counterparts in sectors such as mining, infrastructure development and construction. The Chinese business community values Pakistan highly. Therefore, they are always ready to put their money in new ventures in Pakistan. Both China and Pakistan are resourceful countries, but the level of bilateral economic relations does match with the warmth of their ties. So, the private sectors in the two countries need to come forward to further strengthen these relations.”
LCCI Vice President Nasir Saeed also invited Chinese businessmen to invest in Pakistan in priority sectors including oil and gas, mining, infrastructure, power (coal, hydel, gas based), IT and telecom, chemicals, value-added textile manufactures, engineering goods, textile machinery, electronics, automotives, agricultural and agro based industry, pesticides, cool chains, food and fruit processing and packaging, livestock and dairy farming.
He said, “Pakistan, because of its strategic location, could be a more suitable destination for Chinese investments. Pakistan is offering liberal investment policies allowing 100 percent foreign equity and equal treatment to local and foreign investors. Pakistan has a network of export-processing zones and industrial estates ready to accommodate Chinese investors, especially in the Punjab province.”
