CPEC Business Council meets: government seeks industrial cooperation with China to address trade imbalance

Pakistan Tehreek-e-Insaf (PTI) government wants industrial cooperation between Pakistan and China under the China-Pakistan Economic Corridor (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 Adviser to PM on Commerce, Industry & 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 for pushing forward industrial cooperation under the CPEC.
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, "Through industrial cooperation, we also want to address trade imbalance, broaden market access for agricultural products and encourage B2B cooperation between the two countries."
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 industrialisation 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 enhancing vocational training capacity.
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 attract private investments and diversify the country's exports. He added, "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," Dawood said. The adviser 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 reduce trade deficit.
Earlier, Chairman Board of Investment (BOI) Haroon Sharif welcomed all the members to the first meeting of the council and said that BOI will serve as secretariat for the CPEC Business Council, adding that a dedicated team of professionals has been hired in this regard. He said that BOI is improving its capacity to deal with matters of industrial cooperation with China and urged the members to come up with tangible suggestions in this regard.
Secretary to the Council, Executive Director General BOI, Fareena Mazhar briefed the members on the progress in SEZs and incentive packages under the industrial cooperation. Secretary Planning Zafar Hasan, Project Director CPEC Hassan Daud and representatives from leading associations and companies also attended the meeting.