Daily Times

The Pakistan China Business Forum, aimed at exploring trade and investment opportunities in Pakistan, was held here at the Pakistan Embassy in Beijing to promote investment opportunities in Pakistan, China Economic Net reported. Speaking at the occasion, Professor Ahsan Iqbal, the Federal Minister for Planning, Development & Special Initiatives, emphasized the need to work together in order to share the benefits of the China-Pakistan Economic Corridor (CPEC) not only between the two countries but also with the rest of the world.

“CPEC has transformed Pakistan’s energy landscape and has also played a crucial role in constructing hundreds and thousands of kilometers of roads, revolutionizing connectivity in the country. We must never forget that China extended its assistance to Pakistan during a critical time when we faced an energy shortage,” he added. The minister further highlighted that over $25 billion worth of projects have been executed in Pakistan to help build its energy infrastructure, logistics infrastructure, information technology, and other ports in the past 10 years. During the business forum, the Commercial Counselor at the Pakistan Embassy mentioned that following the visit of the Prime Minister of Pakistan to China in November 2022, protocols have been finalized for the export of cherries, boiled meat, milk and dairy products, chilies, and donkey skin, which opens up a market worth $30 billion.

He also stated that in the Gwadar Zone area, complete tax holidays of 23 years are available for establishing businesses, as well as complete tax holidays of 20 years for contractors and sub-contractors. Additionally, there is an exemption from customs duty for 40 years on the import of equipment and materials for the construction and operation of the free zone. Chinese companies were invited to attend the International Food & Agriculture Expo, scheduled for August 10th to 12th in Karachi. It was mentioned that over 100 registrations from major enterprises have already been received.

The forum highlighted the advantages of relocating Chinese industries, particularly labor-intensive ones, to Pakistan in the short to medium term, taking advantage of the demographic dividend and market access for small and medium-sized enterprises (SMEs) in Pakistan. Sheikh Muhammad Shariq, Chief Representative of the National Bank of Pakistan in China, introduced the business model in Pakistan and assured Chinese investors of facilitation. He also mentioned that NBP is the largest digital investment bank in Pakistan and is collaborating with Chinese companies such as Huawei and ICBC to further enhance digital communication.

The business forum was attended by top Chinese companies, officials, academics, and media representatives. Meanwhile, 12th Special Joint Cooperation Committee (JCC) meeting, held here, resolved to build upon the foundation laid in the last 10 years and make the next decade glorious.

JCC also emphasized the significance of key projects in energy, IT, transportation, and infrastructure development. These projects are now operational and providing numerous opportunities for socio-economic development in Pakistan. Ahsan Iqbal has said there is a massive potential for expanding Pakistan-China relations in the areas of agriculture, industry, technology and mining. Ahsan Iqbal noted that CPEC is a remarkable endeavour that symbolizes the deep-rooted ties between China and Pakistan.

He recalled that this monumental project, initiated under the visionary leadership of President Xi and the then Prime Minister of Pakistan Nawaz Sharif, had been instrumental in transforming the economic landscape of the region. It has fostered connectivity, enhanced trade, and opened up new avenues for shared prosperity. The Minister emphasized that CPEC is the topmost national priority of the Pakistan-China All-Weather Strategic Cooperative Partnership and these avenues provided an opportunity to consolidate successes and further enhance potential future cooperation.

Ahsan Iqbal reiterated Pakistan’s commitment to provide consistent policies and conducive environment for Chinese companies and citizens working in Pakistan, according to Gwadar Pro. During the meeting, the conveners of the Joint Working Groups (JWGs) on Energy, Transport Infrastructure, and Gwadar Port made presentations highlighting the progress on their specific areas and informed about the future plans of actions. The JCC also highlighted the significance of the key projects for energy and infrastructure development; which are now operational and providing a myriad of opportunities for socio-economic development in Pakistan.