Chinese investors interested to initiate joint ventures with Pakistani counterparts: Chinese delegation headSeptember 25, 2014
Lahore: Chinese investors have shown their keen interest in initiating joint ventures with their Pakistani counterparts.
These views were expressed by the head of the 19-member Chinese delegation and Deputy Director General of Bureau of Foreign Trade & Economic Cooperation of Guangzhou Municipality Cao Zhicong here on Wednesday.
LCCI Senior Vice President Mian Tariq Misbah presided over the meeting while LCCI Executive Committee Members Aslam Chaudhry, Mumshad Ali, Shahzad Waheed, Shahzad Ahmed, Talha Tayyab Butt and Chairman of the Standing Committee on Pak China ASEAN Economic Relations Siddiq-ur-Rehman Rana were present on the occasion.
Head of the delegation said that economic globalization and regional integration has provided enormous opportunities for further cooperation between China and Pakistan. He said that Pakistan is an ideal destination of foreign investment.
He said that Pakistan had made attractive investment policies which provide a lot of investment opportunities that are prompting Chinese entrepreneurs to come and invest in Pakistan.
He said that that Bureau of Foreign Trade & Economic Cooperation of Guangzhou Municipality would speed up its efforts to strengthen the trade and investment cooperation between the two countries.
Speaking on the occasion, Senior Vice President of the Lahore Chamber of Commerce & Industry Mian Tariq Misbah said that China is a time-tested friend and a very important partner in Pakistan Economic Development and bilateral trade. The involvement of Chinese enterprises, both in terms of Technical and Financial assistance in several development projects is reflective of our cordial relations based on mutual trust and sincerity.
He said that though delay of Chinese President’s visit to Pakistan was a big blow to the whole nation but hopefully visit will be rescheduled soon.
He said that China is very important trading partner of Pakistan and it is expected that bilateral trade between Pakistan and China will 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 favor of China.
“Our bilateral trade has grown, but it is nowhere near the potential that exists between the two countries. Pakistan has a lot to offer as it is rich in all kinds of resources.”
Both the countries not only share border but also have unanimity of views on various political & economic issues. The two countries have a combined market of more than 1.5 billion people but the trade volume needs to be pushed up. The Chinese importers may have better prospects for Pakistani goods particularly of Carpets, Leather and leather products, Surgical Equipment, Sports goods, Fruits and vegetables, Rice, Pharmaceuticals, Cotton etc. Most of our industrial units in these areas are ISO certified and are producing best quality products at competitive rates as compared with other countries in the region.
Mian Tariq Misbah said that joint ventures can be initiated in sectors like Construction, Hotels and Tourism; SMEs cluster development, Computer & Cellular chips, Textiles & Garments, Home Appliances, Corporate Farming, Seafood and Food Processing, Banks & Finance, Light Engineering etc.
He said that two most important areas where Pakistan needs urgent assistance are Energy and Agriculture. He said that Pakistan is an agrarian society with tremendous potential in Agricultural sector. China has expertise both in agriculture and agro-based industry and if some Joint Ventures are carried out, it would be mutually beneficial for both countries. The increase in agricultural production would not only help in meeting our local demands but also enable us to export surplus quantity to China.
LCCI Senior Vice President informed the visiting delegation that Lahore Chamber of Commerce & Industry has established a Mediation Center in August 2012 with active collaboration of IFC. He said that there are more than 40 accredited mediators registered with LCCI who can help the local, national and international businessmen for out of the court settlement.