Lahore: Mutual cooperation and joint ventures between Pakistani and Chinese businessmen in agriculture, livestock, infrastructure, energy, automobile and other sectors would further cement the friendly relations of the two countries.
These views were expressed by the LCCI President Ijaz A. Mumtaz while addressing the two different delegations of Yantai Chamber of Commerce & Industry and a Chinese company Shandong YABAITE Technology Co. Ltd. here at the Lahore Chamber of Commerce & Industry. Delegation of Yantai CCI was represented by Mr. Zhao Qingwei while other by Mr. Yong Lu.
Chairman Punjab Board of Investment & Trade Abdul Basit, LCCI Vice President Syed Mahmood Ghaznavi and Executive Committee Members were also present on the occasion.
The LCCI President said that keeping in view the fast changing global scenario, there is a dire need to accelerate the efforts for promotion of economic and strategic cooperation between the two countries.
Head of the 13-member delegation of Yantai Chamber of Commerce & Industry Zhao Qingwei said that Chinese businessmen are ready to join hands with their Pakistani counterparts.
He said that the Chinese business community values Pakistan highly therefore they were always ready to put their money in new ventures in Pakistan. He said that both China and Pakistan are resourceful countries but the level of bilateral economic relations do match with the warmth of their ties therefore the private sectors in the two countries need to come forward to further strengthen these relations.
Chief Executive of Shandong YABAITE Technology Yong Lu said that Pak-China Economic Corridor is an ample proof of unbreakable Pak-China historic friendship. He 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 and top priority of the Chinese investors.
The LCCI President Ijaz A. Mumtaz said that there is a conducive atmosphere for investment in Punjab. He said that Punjab contributes more than 60% to Pakistan’s Gross Domestic Product. Its share in national economy is dominant in Service and Agriculture sectors. It is also major manpower contributor because it has largest pool of professionals and highly skilled and trained manpower in the country. Lahore is the capital of Punjab and termed as an important trading hub in this part of country.
“The business community of Lahore in particular and Pakistan in general foresees greater cooperation and collaboration between Pakistan and China in near future as the visit of Chinese President to Pakistan in April 2015 has already provided the required impetus”, the LCCI president added.
He said that we are much keen to make full use of this opportunity by inviting the Chinese investors to exploit the untapped potential of Punjab. We need to forecast the upcoming trade & investment opportunities which will emerge after the completion of Pak-China Economic Corridor project.
Ijaz A. Mumtaz said that once Gawadar Port becomes fully functional, China will notably gain from this port. It will also contribute in turning around our economic condition as the scale of economic activities will be broadened. He said that dollar 45 billion investment promised by China is just a beginning.
He said that other than construction, food items, solar related products and general decorations items, you can invest in sectors like agro food processing, dairy products, auto & auto parts, cosmetics, pharmaceutical and electronic equipment etc.
“Pakistani light engineering sector is also growing but through transfer of technology and joint ventures with Chinese companies, this growth can be made exponential. It goes without saying that Lahore Chamber would like to act as a focal point to provide relevant information to interested investors. Let us benefit from each other’s strength”, Ijaz A. Mumtaz concluded.