LAHORE: A delegation of the Lahore Chamber of Commerce and Industry, led by its president Sheikh Muhammad Arshad, visited the Chinese Consulate and had a detailed discussion with the Chinese Consul General Yu Boren regarding two-way trade, investment and visa facilities for the businessmen.
The LCCI senior vice president Almas Hyder and vice president Nasir Saeed also spoke on the occasion at length and threw light on the aspects of joint ventures between the businessmen of the two countries. The LCCI executive committee members were also present on the occasion.
The LCCI president Sheikh Muhammad Arshad, senior vice president Almas Hyder and vice president Nasir Saeed while congratulating the Chinese Consul General and other Chinese officials, said that opening of Chinese Consulate in Lahore is a big breakthrough as it would facilitate the Punjab-based businessmen whose visa requirements would be met with the opening of this new office.
The LCCI president Sheikh Mohammad Arshad said that China is a time-tested friend and a very important partner in Pakistan Economic Development and bilateral trade. The involvement of Chinese enterprises, both in terms of technical and financial assistance in several development projects is reflective of our cordial relations based on mutual trust and sincerity.
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 $ 15 billion within the next few years. Although Pakistan’s exports to China have been gradually increasing, the trade has always been in favor of China.
The LCCI senior vice president Almas Hyder said that due to excellent economic policies of China and the hard work of Chinese leadership, China has become a big economic force in the world.
Almas Hyder invited the Chinese businessmen to invest in Pakistan in priority sectors including oil and gas, mining, infrastructure, power (coal, hydel, gas based), IT & telecom, chemicals (fertilizer (urea), glass, PV & Polymers), 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.
The LCCI vice president Nasir Saeed said Pakistan because of its strategic location could be a more suitable destination for Chinese investments. Pakistan is offering liberal investment policies allowing 100% foreign equity and equal treatment to local & foreign investors. He said Pakistan has a network of Export Processing Zones and industrial estates ready to accommodate Chinese investors especially in Punjab Province.
The LCCI office-bearers said that globalization had provided Chinese investors a golden opportunity to relocate their large scale industry to Pakistan to reap the benefits of its most conducive business policies as compared to other regional countries.
They said that the balance of trade between the two countries is heavily in favour of China, which requires to be turned into a win – win situation for both the countries. Major imports of Pakistan from China include iron, steel products, tyres, tubes, chemical, medical, pharma products, fertilizers, yarn and thread of synthetic fiber, railway vehicles. spare parts hand tools and hardware products etc.
Earlier, Chinese Consul General Yu Boren said that Chinese Embassy had decided to open Chinese Consulate in Lahore keeping in view the problems being faced by the people who want to visit China.
He said that both the Pakistan and China had huge potential to increase the bilateral trade as the existing volume of two-way trade between the two countries is very small when it is compared with the total Chinese business.
He said that incentive package and China-Pak Economic Corridor is enough to make the point that China gives top priority to Pakistan in terms of business and trade.
