More than 400 Shandong entrepreneurs attended a video conference and held live dialogues with key management of the Punjab Business Investment and Trade Commission (PBIT) and discussed cooperation in equipment manufacturing and trade.
Shandong Equipment Manufacturing Association president Gao Ling said that the video conference is a new attempt for cooperation between the two parties. Through video conferences, a more precise and efficient way of cooperation is sought.
She said that both the sides will have a very broad space for cooperation and development prospects and also hopes that the Shandong Association can become a bridge of friendship, a bond of exchanges, and a platform for cooperation.
Commission’s China Department director Muhammad Sohail Qadri said that Punjab accounts for 55% of Pakistan’s population, contributes nearly 60% to the country’s GDP, and has 68,000 industrial units. Punjab and Shandong have always been friendly provinces.
It is worth sharing that 80% of China’s investment in Punjab comes from Shandong province. Shandong agriculture, automobile manufacturing, chemical industry, light industry centers and the pharmaceutical industry, many potential investors to invest in industry booming Punjab market has shown strong interest.
It can be emphasized that Punjab is the best destination for investors and there are many opportunities in textiles, agriculture, automobile manufacturing, light industry information technology, real estate, health, energy, and tourism.
Agriculture is still Pakistan’s pillar industry. Pakistan encourages vigorous development of agricultural parks, introduces new methods and technologies, and encourages crops with potential for import substitution, including oilseeds and cotton.
In recent years, 45% of Pakistan’s total automotive industry has been established in Punjab, creating many job opportunities for the local people and the automotive manufacturing center in Faisalabad. Top industries established in Punjab include Coca-Cola, Pepsi, Renault, Foton, Deli Glass, etc.
According to market surveys, Punjab has a complete textile production chain, unlike many developing countries. Punjab also has a large textile industry, including socks and carpets. The video conference for the two countries will provide viewers a unique opportunity to share and exchange ideas beneficial to promote deeper economic ties.
In 2009, the Punjab Investment and Trade Commission is a provincial trade and investment promotion agency established by the government. Its core functions are divided into four sides: investment promotion, investment consulting, China project and policy research, and marketing and activities.
Shandong Equipment Manufacturing Association was established on December 28, 2016. It is a provincial, comprehensive, industrial, and non-profit social organization approved and registered by the Shandong Provincial Department of Civil Affairs.