Zardari visit to Xinjiang was very successful: Masood Khan
These objectives were: to meet younger leadership of China; to enhance connectivity between Pakistan and Xinjiang; and to help China launch its Sino-Eurasia bridge, the Islamabad envoy to Beijing said in an interview.
As a close neighbour, he informed "GlobeUs" magazine that President Zardari met top corporate leaders based in Xinjiang or other parts of China, which are interested in doing businesses in Pakistan.
He said that two MoUs were signed. Foton Company based in Beijing will manufacture and supply buses and other vehicles to Pakistan. Federation of Pakistan Chambers of Commerce and Industries (FPCCI) and All-China Federation of Industry and Commerce (ACFIC) have signed a memorandum to promote cooperation between the private sector of the two countries.
He pointed out that it is a fact that Pakistan is fighting a war on terrorism. That creates insecurity in some areas of the country. But economic activities go on unimpeded in large parts of the country.
Chinese companies, he said are engaged in businesses in these areas. Right now, there are 13,000 Chinese working on about 120 projects in Pakistan. That shows their commitment to the Pakistani markets and the dividends that it brings to both nations.
The Government of Pakistan is paying attention to the security of Chinese personnel and businesses, he added.
He said that Chinese investors are involved in diverse fields covering telecommunications, infrastructure development, industry, agriculture, energy, health, and education. "I would say that the current situation, despite some challenges, is most promising for foreign investors especially for our Chinese friends. They know the potential of Pakistani market very well; they are encouraged by the Chinese Government to invest in Pakistan; and the Pakistani Government has vowed to facilitate their investments. It is therefore an ideal environment and time for the Chinese businesses to step up their activities in Pakistan, he noted.
Ambassador Masood Khan said that the investment environment is one of the friendliest in Pakistan. The environment is hospitable to foreign direct investment. It has been made most comfortable and welcoming for Chinese entrepreneurs and corporations because of our special relations with China.
He said that Chinese investors have many advantages in Pakistan. First, many of the top corporations have been in Pakistan for years. So they understand the economic landscape of Pakistan very well. Second, people of Pakistan welcome Chinese investment. Third, Chinese capital and consumer goods are widely marketed in Pakistan and therefore it is much easier for Chinese corporations to build on existing projects or start new ones. Fourth, from time to time, special dispensations are made for Chinese investment.
The Ambassador said that there has been marginal devaluation of Pakistani currency in the recent past, but for the past three years Pakistani Rupee has been fairly stable.
Pakistani currency has held its ground against international financial crisis, food insecurity, high oil prices, and renewed debt crises in the US and Europe. We have weathered the storm of economic volatility all around us, he said adding that there should not be any concern about Pakistan. As we talk the Rupee is stabilizing again against the Dollar.
Copyright APP (Associated Press of Pakistan), 2011