ISLAMABAD:-Paksitan Tehreek-e-Insaf (PTI) government wants industrial cooperation between Pakistan and China under CPEC to address trade imbalance broaden market access for agricultural products and encourage B2B (Business to Business) cooperation between the two countries.
These views were expressed in the first meeting of the CPEC Business Council co-chaired by Federal Minister for Planning, Development & Reform Khusro Bakhtyar along-with Advisor to Prime Minister on Commerce, Industry and Textile Abdul Razak Dawood here on Friday.
It was said in the meeting that the Business Council would provide a platform for regular consultation between the government and business community on matters related to private sector investments and push forward industrial cooperation under CPEC.
Federal Minister for Planning, Development and Reform Khusro Bakhtyar said that scope of CPEC has been expanded with focus on industrial and agriculture cooperation, socio-economic development, trade and market access.
He said that purpose behind establishing the forum is to create an interface between the government and business community and take forward the industrial cooperation between Pakistan and China to new heights for mutual benefit. He said that through industrial cooperation, we also want to address trade imbalance, broaden market access for agricultural products and encourage B2B cooperation between the two countries, stated the Minister.
He said that creation of CPEC Business Council, with representation from private sector leading associations and companies in various areas, will accelerate the pace of industrialization under the umbrella of mega project.
He said that focus is to boost Pakistan’s industrial capacity through joint ventures in priority areas, relocation of labor-intensive export led industry, SME’s collaboration and enhance vocational training capacity.
Advisor to Prime Minister Abdul Razak Dawood said that after implementation of early harvest projects of energy and infrastructure under CPEC, the stage is now set to expedite the industrial collaboration which will help to attract private investments and diversify the country’s exports. He added that we are in the second phase of CPEC where industrialisation and agriculture growth would be the main goals of the current regime.
“Special Economic Zones (SEZs) have been the engine of growth for many developing states around the world for the last few decades and it’s the high time for Pakistan to convert its SEZs into growth hubs,” Razak Dawood said.
The Advisor hoped that SEZs would attract investment from diversified sources because they offer a combination of tax-and-tariff incentives, streamlined customs procedures and less regulation. The production of finished goods is the topmost priority, which will help Pakistan in reducing trade deficit.
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