“The federal government is working on a legislation pertaining to establishing industrial zones across the country under the China-Pakistan Economic Corridor project (CPEC) to pave way for providing legal framework to foreign investment in various sectors,” said Minister for Commerce Khurram Dastgir.
Addressing the maiden ‘China-Pakistan Business Opportunities’ conference, on Monday, Dastgir said the government was focusing on improving the investment climate in the country through the implementation of ‘Investment Strategy 2013-17’.
“Based on the track record of our bilateral relations and mutuality of interests, both countries are a source of strength for each other,” he said, adding that China was Pakistan’s major trading partner with volume of trade reaching an all-time high of $12.299 billion in 2014-15.
He said the government was currently engaged in efforts on economic recovery, improved security and good governance to attract local and foreign investment.
“The ministry will soon announce a three-year ‘Policy Framework 2015-18’ containing a number of institutional and governance measures to enable Pakistani firms to produce and export more sophisticated and diversified range of products,” Dastgir informed.
Also present, Minister of Planning, Development and Reforms Ahsan Iqbal called the CPEC a flagship role model project for ‘One Road and One Belt’. He said the project’s implementation was entering into a new dynamic phase, where enhanced economic and commercial cooperation had to be the centre of the agenda.
He said the visiting Chinese delegation also held a lot of importance for the government as it comprises of businessmen from multiple sectors including energy, infrastructure, health care, telecommunications and textiles; all of which have huge business opportunities within Pakistan.
“We have chalked out an impressive programme through which participants can explore opportunities in various provinces of Pakistan”, he stated.
Iqbal was of the view that the CPEC was a fusion of multiple developments in the global, regional, bilateral and domestic contexts and its ultimate objective was peace, prosperity and well-being of the people of the two countries, the region and the world.
“In addition to providing regional nodes, the CPEC will also be connected with trade facilitation, dedicated freight, energy, trade logistics, and telecommunications corridors,” he added.
He further said that Pakistan was keen to use this opportunity to set up enterprises as they would eventually become a part of the global value chain of products traded internationally.
“The initial $46 billion investment is only the beginning. We are hoping with industrial and commercial cooperation it will soon become $500 billion.”
China-Pakistan Friendship Association Honorary Chairman and head of the Chinese delegation Ambassador (R) Sha Zukang said Chinese entrepreneurs were very keen to invest in Pakistan and hoped the government would provide a conducive environment in the country.
Ambassador of Peoples Republic of China to Pakistan Ambassador Sun Weidong said that the Chinese businessmen had visited Pakistan to enhance friendship and explore business opportunities in the country.
The ambassador further said that Pakistan was the largest investment and trade partner of China in South Asia with 19% increase in trade last year.
