BEIJING: Deputy Prime Minister and Foreign Minister Ishaq Dar emphasized Pakistan’s commitment to attracting Chinese investment through its economic reform agenda, which offers attractive incentives for investors. Speaking at the Pakistan-China Business Roundtable Conference, organized by the Pakistan Embassy in Beijing, Dar highlighted the competitive advantages of Pakistan’s labour market, noting the significantly lower labour costs compared to China.
“Pakistan provides a competitive environment for investment, especially in sectors like agriculture, textile, mining, and information technology,” Dar stated. He underscored the government’s efforts to expedite the construction of special economic zones (SEZs) and to offer incentives for the establishment of various industrial units.
Dar detailed that 13 key areas with substantial potential have been identified for Chinese and Pakistani entrepreneurs to establish industries, either through ownership or joint ventures with local businesspeople. He emphasized that Chinese businesses could benefit from preferential market access to major economies, including the European Union, the Gulf, and other countries with which Pakistan has free trade agreements.
Furthermore, Dar pointed out the attractive incentives available in SEZs, export processing zones, the Gwadar free zone, and special technology zones. He also mentioned the possibility of privatizing certain state-owned enterprises, presenting another opportunity for investment.
Addressing security concerns, Dar assured the safety of Chinese citizens and institutions in Pakistan, promising that those responsible for the Dasu terrorist attack would be brought to justice.
During his visit, Dar met with Chinese Minister for Finance Lan Foan to discuss Pakistan’s reform agenda, focusing on governance, revenue enhancement, and improving the ease of doing business to attract foreign direct investment. He highlighted the high priority given to Chinese investments, particularly in sectors such as agriculture, IT, mining, and renewable energy.
Both ministers expressed their appreciation for the robust financial and banking cooperation between Pakistan and China, viewing it as a testament to the all-weather strategic cooperative partnership between the two nations.
Published in cherrygb, May 17th, 2024