Economic sectors: Chinese CG for collaboration between private sectors

LAHORE: Consul General of China, Zhao Shiren, emphasized the potential for collaboration between the private sectors of Pakistan and China across various economic sectors to elevate trade relations to unprecedented levels. Prioritizing substantial investments in Pakistan and Punjab through Public-Private Partnerships for long-term gains, influential stakeholders from China are poised to engage in joint ventures within Punjab, facilitating a crucial bridge between Pakistan and China.

Expressing these sentiments during discussions with officials and members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at its Regional Office in Lahore, Zhao Shiren highlighted ongoing efforts to forge robust connections aimed at fostering bilateral trade.

Notably, Chinese companies are poised to increase investments in Punjab’s burgeoning tourism sector. Additionally, he underscored the importance of the Pakistani government enhancing security measures to bolster investor confidence, while advocating for necessary reforms in taxation and improvements in infrastructure such as electricity and gas supply.

Furthermore, Zhao Shiren underscored the significance of continuity in economic policies, outlining plans to initiate training programs in collaboration with the Technical Education & Vocational Training Authority (TEVTA).

Echoing these sentiments, Regional Chairman and Vice President of FPCCI, Zaki Aijaz, and Vice President Zain Iftikhar Ch, emphasized the attractiveness of Pakistan and Punjab as investment destinations, citing the array of benefits available to foreign investors, particularly within Special Economic Zones (SEZs).

Highlighting the transformative potential of the China-Pakistan Economic Corridor (CPEC), which has been hailed as a game-changer for the region, the leaders discussed its various phases aimed at promoting joint ventures, industrial cooperation, agricultural development, and trade facilitation, while eagerly awaiting the implementation of key initiatives.

Transitioning from a government-centric approach to fostering business-to-business cooperation, they stressed the importance of facilitating joint ventures through enhanced collaboration between companies.

Proposing Chinese enterprises as key partners, Zaki Aijaz emphasized the mutual benefits inherent in such partnerships, leveraging Pakistan's Generalized System of Preferences (GSP) Plus status with the European Union (EU) and existing Free Trade Agreements (FTAs) with countries like Sri Lanka, Turkey, Malaysia, and China.

Addressing the challenge of overcapacity in specific sectors, they advocated for technology transfer, technical training, and the development of Chinese language skills to further enhance collaboration between the two nations.

Copyright Business Recorder, 2024