ISLAMABAD: Economic and trade experts at the China-Pakistan CEOs Forum on Monday urged Chinese companies to open their businesses in Pakistan to overcome the high labour costs they have been facing in China, as Pakistan has huge bulge of youth population that can be utilised for economic development. The experts were participating as panellists in a discussion during the second session of the CPEC Summit and Expo. The summit was organised by the Ministry of Planning, Development and Reforms. Moderating the session, Gul Ahmed Textile Mills Chairman Bashir Ali Mohammad said that since the West had failed to share globalisation opportunities, China had to come forward with a new strategy and vision to promote growth. “Since Pakistan is [China’s] best friend, it must take benefit of the opportunities offered by China,” he remarked. Ali Mohammad was accompanied by two Chinese and a Pakistani panellist to carry on the discussion on the opportunities and benefits of the China-Pakistan Economic Corridor (CPEC). He was of the view that 21st century “belongs to Asia” due to the vast opportunities and potential it had been offering. However, he stressed the need for having regional connectivity to take advantage of this potential. He said that the CPEC would boost growth, as it would create connectivity in the Asian region. He said that China was still exporting the world’s 36 percent of textile, so if the Chinese shifted this industry to Pakistan it would benefit them as well as Pakistan. Meanwhile, Federal Minister for Planning, Development and Reforms Ahsan Iqbal stressed the need for undertaking proper homework before initiating any project. He said that the CPEC projects had been fundamentally based on three principles – scientific planning, step-by-step approach and easier part first. He said that lack of proper homework often resulted in failure of any project, so necessary attention had been given towards devising comprehensive and result-oriented projects. Earlier, a Chinese panellist, Wang Zihai, said that the CPEC was a project for regional economic integration, which showcased enhanced friendship between the two countries. He also called for enhancing people-to-people contact and launching joint ventures. The other panellists also called for promoting business-to-business contacts and launching joint ventures to have shared benefits of economic growth in the region. A logistic expert, while participating in the discussion, said that Pakistan needed to develop its logistic and trucking industry on modern lines. Meanwhile, more than 150 leading Chinese businessmen and investors from different companies and industries attended the CPEC Summit and Expo. The summit marked the third anniversary of the joint coordination committee meeting and decision on the CPEC, and aimed at enhancing business-to-business contacts. Different Chinese and local companies had set up around 60 stalls at the expo, where they showcased their products and services for the visitors. As man as 27 leading Chinese companies operating in the energy generation and infrastructure development sectors had established their desks to inform the local businesses about the areas in which they could launch joint ventures. Leading local businessmen and investors also attended the summit. Boards of investment of the four provinces also established their desks to inform the Chinese investors about the trade and investment opportunities existing in their respective provinces. Chinese entrepreneurs showed keen interest in investment opportunities in different sectors, including power generation, infrastructure development and logistics. Talking to APP, a representative of the Zonenergy Limited said that his company was already working on a 900MW solar energy plant. He said that pro-business policies of the current government had encouraged the investors to invest in different sectors of the economy, adding that more companies were coming to invest in Pakistan, as the CPEC project had opened huge investment opportunities.