Daily Times

Pakistan is swiftly becoming a preferred destination for foreign investors, in particular Chinese businessmen. By keeping this in view Mr. S.M Naveed, President of Pak-China Joint Chamber of Commerce & Industry (PCJCCI) stated on Friday at the chamber premises that Pakistan should look into the concept of “Global Hub” according to the pattern in Shanghai.

He further added that, Pakistan is entering international markets and becoming a preferred country for foreign investors so there is a dire need to initialize the concept of establishing a “Global City” or “Universal Hub”, which would eventually bring industrial revolution in the country. He said the concept has been widely used in the past by various southern countries including China to achieve and set goals for their economic development.

Mr. Daud Ahmed, Senior Vice President PCJCCI said that the term involves vigorous participation of cities in the economic activities of the country. He added that, under the concept, cities and countries are empowered to broaden their manufacturing horizons and manage to market their outputs and earn capital in order to finance industrial infrastructure and services. This process of making cities globalized also prevents brain drain and frustration among the youth for not finding jobs appropriate to their qualifications.

A “Universal Hub or City” developed under this ideology encompasses a highly extensive investment environment that leads to overall economic and social development.

Mr. Khalid Raffique Choudhry, Vice President PCJCCI said that the government should develop integrated industrial estates and industrial parks in a number of regions throughout the country by providing special incentives, infrastructure facilities, security and energy. He is confident that this idea would promote a bolstered manufacturing sector in specialized areas, which would allow Pakistan to lessen its reliance on imports. He further added that they expect the government to allocate financial and technical resources to build ports, toll roads, and railways to increase connectivity in the budget 2021-2022.

Mr. Salahuddin Hanif, Secretary General PCJCCI said that, the government’s current plan to build “Digital Parks” for promotion of digital marketing and technology based industries would also help to execute this idea. He further added that while globalizing the economies, local cities, play an important role.