Chinese Ambassador Yao Jing appreciated the government’s business policies and pledged Chinese investment in various small and medium-sized industrial sectors.
Talking to Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq, he said shifting the manufacturing sector to Pakistan would be an important step. He also said that Punjab would be the hub of investment in the future.
Ambassador Yao Jing said that the Special Economic Zones will create new business opportunities for the Chinese companies in many economic sectors as they are planning to invest five billion dollars in Pakistan during the next three to five years. He said that Pakistan is a longstanding trade and strategic partner of China.
“We have plans to invest more under the China-Pakistan Economic Corridor (CPEC) and buy more from Pakistan to make it economically stronger and independent country,” he said, adding that they look forward to the speedy completion of the projects, included in the CPEC plan. They hope with its implementation, it will help create more jobs, provide better health and educational facilities.
FIEDMC Chairman Mian Kashif Ashfaq said that it reflected the trust of the Chinese side in Pakistan’s growing economy and a strong desire to translate the Pak-China equation into a win-win economic partnership. He said that the government is facilitating investors and reducing impediments in ease of doing business.
He also asked Chinese companies to shift plants to Pakistan to overcome their high labor costs. He said that the new businessmen and investors are also investing in the industrial estate, particularly overseas Pakistanis from Dubai, the United Kingdom, the United States, and other countries.
He said that the estate would play host to textile, pharmaceutical, food, cereal, cosmetics, electrical panel and power industries as well as rice processing factories. He said that PIEDMC is led by the private sector so that it can be more flexible, able to respond to the changing environment and designed to be financially self-sustainable in order to maintain desired impetus or developmental works.
Later, Kashif Ashfaq also extended an invitation to Chinese ambassador Yao Jing to bring Chinese furniture manufacturers in the upcoming three-day mega Interiors Pakistan Exhibition commencing from Nov 22 at the Expo Centre in Lahore in which more than 100 local and international brands will display their products.