ISLAMABAD, Nov 02 (INP-WealthPK): Prime Minister Shehbaz Sharif has said that it is imperative for Pakistan to learn from the Chinese development model in order to advance and thrive in a sustainable manner.
Addressing the first steering committee meeting of the Pakistan China Business and Investment Forum (PCBIF), he expressed hope that the PCBIF, launched in January 2022, will foster business connections between the two nations while also spotting lucrative investment prospects.
Shehbaz said he would hold a series of productive meetings with the Chinese leaders to boost business, strategic and people-to-people relations. Both countries should join hands to create a win-win situation for the Chinese and Pakistani businessmen and investors, he added.
The prime minister said a huge potential exists between the two friendly countries and added that Pakistani business practices should be made more efficient in order to capitalise on the fact that China has the second-largest economy in the world.
He described the China-Pakistan Economic Corridor (CPEC) as a game-changer for Pakistani growth, with Chinese businesses having already committed billions of dollars in investment. He also recalled how the CPEC initiatives have assisted Pakistan in overcoming its severe power shortages.
Shehbaz Sharif stated that speeding up the CPEC projects will benefit Pakistan financially as well as expand its commercial foothold in China.
In order to take advantage of the inexpensive local labour, he emphasised the establishment of special economic zones in Pakistan, where labour-intensive Chinese industries could relocate. He saw this as a win-win situation for business houses in both nations.
The prime minister suggested establishing agro-based industrial buildings and learning from Chinese modern ways to boost yield in the agricultural sector.
He appreciated China for being one of the major suppliers of aid to the flood victims in Pakistan as well as for establishing an air bridge to transport tents, food, and medication.
Shehbaz Sharif praised the Chinese Ambassador Nong Rong’s efforts for making a significant contribution to advancing Pakistan-China ties in a number of areas.
Federal Minister for Planning, Development, and Special Initiatives, asked the PCBIF to try to integrate Pakistani businesses into China’s international supply chain.
The future belonged to converting the iron brotherhood into economic cooperation, he said, adding that the CPEC has given the bilateral relations of Pakistan a new dimension. He hoped that the PCBIF would promote Chinese investment in Pakistan.
In referring to Pakistan and China as “iron brothers,” Ahsan Iqbal emphasised the importance of fully using the potential of their economic collaboration. The best assistance China can give Pakistan is to increase its export potential, he added.
He pledged that impediments in the process of luring Chinese investors would be removed and stated that the government looked forward to developing a strong private-sector collaboration with Chinese businesses.
Federal Minister for Board of Investment (BOI), Chaudhry Salik Hussain said that the BOI has inked a framework agreement on boosting special economic zones and the migration of enterprises to Pakistan. It is fostering commercial collaboration between Pakistan and China, he added.
Salik Hussain said that the BOI has prepared a set of joint initiatives with the goal of fostering industrial cooperation that would be presented to Chinese investors and enterprises during the visit of Prime Minister Shehbaz Sharif to China.
Chinese Ambassador and Patron PCBIF, Nong Rong expressed his satisfaction with the speed of the forum’s activities, which included the convening of the steering committee’s first-ever meeting and the establishment of an exclusive website.
He emphasised that China is constantly prepared to assist Pakistan in trying times and mentioned the Chinese leadership’s sympathy with Pakistan during the catastrophic flood calamity that resulted in the loss of lives and property.
He said China will keep aiding Pakistan with flood relief. He added that a Chinese medical team is already in Pakistan to assist those in need and that China’s humanitarian contribution has reached 644 million RMB.
He stated that more support for Pakistan would be announced during Prime Minister Shehbaz Sharif’s visit to China.
No matter how the situation develops on the international or domestic fronts, he said that China and Pakistan would support one another.
He said China is determined to play a role in the development under the aegis of the China-Pakistan Economic Corridor.
