Chinese PM’s visit to help brighten country’s economic prospects: LCCI

LAHORE: The Lahore Chamber of Commerce and Industry has expressed the optimism that the Chinese Prime Minister’s visit will boost economic prospects of Pakistan.

In a statement, LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry said that the visit signifies a critical opportunity to boost Pakistan’s economic prospects by attracting more Chinese investment. They said that the relationship between Pakistan and China has been marked by strong economic ties but this visit takes it a step further.

They added that the business community expect to see a wave of investment in critical sectors such as energy, technology, infrastructure and manufacturing. “The CPEC has already laid a solid foundation and this visit will help us build on that success by expanding trade opportunities and exploring new partnerships,” he remarked.

They said that such collaborations are vital for the progress of local industries and for improving Pakistan’s trade balance with China by enhancing exports.

The LCCI office-bearers highlighted the importance of China’s role in fostering the growth of Pakistan’s Small and Medium-sized Enterprises (SMEs). Chinese investment and expertise can provide a much-needed boost to our SMEs, helping them modernize and increase their competitiveness on the global stage.

They also emphasized that Lahore, as an industrial and commercial hub, offers an ideal platform for Chinese companies to explore business opportunities, particularly in industries such as textiles, construction and IT. “There is tremendous potential for joint ventures that can drive job creation and technological advancement in Pakistan,” they added.

The LCCI office-bearers at LCCI are prepared to facilitate Chinese businesses, from offering market insights to providing practical support in establishing joint ventures. This visit will create new prospects for cooperation, particularly in renewable energy, advanced manufacturing, and agribusiness. They further expressed optimism that Pakistan’s export sectors will see increased demand in China as a result of this visit.

LCCI officials underscored that this high-profile visit also reinforces the importance of CPEC as a game-changer for Pakistan’s economy. Mian Abuzar Shad said that further collaboration under CPEC could significantly enhance Pakistan’s infrastructure and energy sectors, which are crucial for industrial growth.

The LCCI office-bearers said that the Chinese Prime Minister’s visit signals continued support for CPEC and demonstrates China’s commitment to playing a long-term role in Pakistan’s economic development.

The LCCI leadership also called for more initiatives to improve technology transfer between the two nations with a focus on innovation and digital transformation in industries that can benefit from China’s advanced expertise.

Copyright Business Recorder, 2024