Zhao Shiren, FPCCI Discuss Promotion Of Bilateral Trade

Chinese Consul General in Lahore Zhao Shiren here Tuesday visited the Regional Office of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to discuss promotion of bilateral trade

LAHORE, (UrduPoint / Pakistan Point News - 27th Feb, 2024) Chinese Consul General in Lahore Zhao Shiren here Tuesday visited the Regional Office of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to discuss promotion of bilateral trade.

During the meeting with the business community, Zhao Shiren said that collaboration between the private sectors of Pakistan and China could bring trade to new heights. He said, "Our priority is that the big Chinese companies make big investments in Pakistan and Punjab under public and private partnership on a long-term basis." He added that China's major stakeholders would also make joint ventures in Punjab. The Chinese Consulate is playing the role of a bridge between the people of Pakistan and China.

He said, "We are endeavouring that Chinese and Pakistani counterparts, trade bodies and chambers should establish strong ties with each other for the promotion of bilateral trade," asserting that Chinese companies would invest more in tourism in Punjab. He stressed that Pakistan needs to speed up tax reforms, besides improving the electricity, gas and infrastructure and ensuring continuity of economic policies. China in collaboration with TEVTA (Technical education and Vocational Authority) would start training programmes for skill development of the working force.

FPCCI Regional Chairman Zaki Aijaz and Vice President Zain Iftikhar Chaudhry said that Pakistan is an ideal place for investment as it offers many benefits to foreign investors. Special Economic Zones (SEZs) in Punjab are offering special incentives to investors.

China-Pakistan Economic Corridor (CPEC) is widely considered a game changer for both Pakistan and the region, they said and added that CPEC Phase-I focused on infrastructure development, energy projects and transport connectivity. While Phase-II aims to promote joint ventures, industrial cooperation, promoting agricultural development, trade facilitation and social welfare.

In the past, government-to-government cooperation has been the main focus. "We aim to shift our attention towards fostering business-to-business cooperation and this will facilitate private companies, thereby promoting joint ventures. We also want technology transfer from China, technical training and Chinese language skills in Pakistan," said Zaki Aijaz.

He invited the Chinese enterprises to Pakistan as it would mutually benefit both the nations, adding that Pakistan enjoys the GSP-Plus status (Generalized System of Preferences) granted by the European Union and also has signed Free Trade Agreements (FTAs) with several countries including Sri Lanka, Turkey, Malaysia and China. He said, "We will like to address the challenge of overcapacity in specific sectors, and a joint venture can address this issue effectively."

Punjab Industries and Commerce Secretary Ehsan Bhatta, TEVTA Chairman Brig. (Retd) Sajid Khokhar, PIEDMC Chairman Javed Iqbal, Punjab board of Investment and Trade (PBIT) DG Dr. Sohail Saleem and a large number of business community attended the meeting.