Sino-Pak entrepreneurs must take benefit from JVs: LCCI
LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad has urged the Chinese and Pakistani entrepreneurs to take maximum benefit from each other’s rich experience through joint ventures in various economic sectors.
He was talking to a five-member Chinese delegation, led by Sinkiyang Chamber of Commerce and Industry President Yusup Jan, at LCCI on Saturday.
Former LCCI vice president Syed Mahmood Ghaznavi and executive committee members were also present on the occasion.
Sheikh Muhammad Arshad said LCCI believes in promotion of regional trade and no other country could be better than China for Pakistani businessmen. He urged the Chinese investors to enhance investment in Pakistan, which is a resourceful country and offers a lot to the foreign investors.
The LCCI president informed the Chinese delegation that Pakistan is 4th largest producer of milk and cotton, 9th largest producer of wheat, 10th largest producer of rice, 7th largest producer of fruits and ranked 10th as far as labour force is concerned.
He said that geographically, Pakistan is situated at one of the best places in the world, adding that foreign investors could make their way to the landlocked Central Asian states and South Asia countries through investment in Pakistan.
Arshad said that China is one of the largest trading partners of Pakistan and it is expected that bilateral trade between Pakistan and China would touch the figure of $15 billion within the next few years. Although Pakistan’s exports to China have been gradually increasing, the trade has always been in favour of China, he added.
He said that due to excellent economic policies of China and the hard work of Chinese leadership, China has become a big economic force in the world. Arshad invited the Chinese businessmen to invest in Pakistan in priority sectors including oil and gas, mining, infrastructure, power (coal, hydel, gas based), IT and telecom, chemicals (fertiliser, glass, polymers), value added textile manufactures, engineering goods, textile machinery, electronics, automotives, agricultural and agro based industry, pesticides, food and fruit processing and packaging, and live stock and dairy farming.
He said Pakistan, due to its strategic location, could be a more suitable destination for Chinese investments, as it is offers liberal investment policies allowing 100% foreign equity and equal treatment to local and foreign investors. “Pakistan has a network of export processing zones and industrial estates ready to accommodate Chinese investors especially in Punjab. Globalisation had provided the Chinese investors a golden opportunity to relocate their large-scale industry to Pakistan and reap the benefits of its most conducive business policies as compared to other regional countries.
Head of the Chinese delegation Yusup Jan said that Chinese businessmen are ready to join hands with Pakistani counterparts in various sectors of growth.
He said that the Chinese business community values Pakistan highly, therefore, they were always ready to put their money in new ventures in Pakistan. “Both China and Pakistan are resourceful countries but the level of bilateral economic relations do match with the warmth of their ties, therefore the private sectors in the two countries need to come forward to further strengthen these relations,” he added.