Faisalabad Industrial Estate Development And Management Company (FIEDMC) To Create New Business Opportunities For Chinese Companies: Yao Jing

Chinese Ambassador, Yao Jing, Friday said Special Economic Zones (SEZs) especially functioning under Faisalabad Industrial Estate Development and Management Company (FIEDMC) will create new business opportunities for Chinese companies in many economic sectors as they are planning to invest $5 billion in Pakistan during the next three to five years

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Oct, 2019 ) :Chinese Ambassador, Yao Jing, Friday said Special Economic Zones (SEZs) especially functioning under Faisalabad Industrial Estate Development and Management Company (FIEDMC) will create new business opportunities for Chinese companies in many economic sectors as they are planning to invest $5 billion in Pakistan during the next three to five years.

Talking to FIEDMC Chairman Mian Kashif Ashfaq here Friday, Yao Jing appreciated the government's friendly business policies and pledged Chinese investment in various small and medium sized industrial sectors," says a press release issued here.

The ambassador said Pakistan was a longstanding trade and strategic partner of China and "we have plans to invest more under China Pakistan Economic Corridor (CPEC) and buy more from the Pakistan to make it economically stronger and independent country," adding that they look forward to 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.

He hoped Punjab would be hub of investment in future. He said that cooperation would also be extended for the development of human resource.

He said that shifting manufacturing sector to Pakistan would be an important step.

Welcoming the ambassador's remarks, FIEDMC Chairman Mian Kashif Ashfaq said 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 the government was facilitating investors and reducing impediments in ease of doing business.

He also asked Chinese companies to shift plants to Pakistan to overcome their high labour cost.

Mian Kashif said new businessmen and investors were also investing in the industrial estate, particularly overseas Pakistanis from Dubai, United Kingdom, United States and other countries.

The estate would play host to textile, pharmaceutical, food, cereal, cosmetics, electrical panel and power industries as well as rice processing factories, he said.

"The good thing is that PIEDMC is led by 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," he added.

Later, Mian Kashif Ashfaq also extended invitation to Chinese ambassador Yao Jing to bring Chinese furniture manufacturers in upcoming 3-day mega Interiors Pakistan Exhibition commencing from Nov 22 in Expo Center Lahore in which more than 100 local and international brands will display their products.