ISLAMABAD: The initial phase of the Belt and Road Initiative (BRI) has eradicated electricity outages and facilitated surplus electricity generation, laying the foundation for industrialisation in Pakistan, said commerce and industry minister Dr Gohar Ejaz.

He made these remarks during a meeting with Chinese Exim Bank President Ren Shengjun in Beijing.

Dr Ejaz highlighted the upcoming BRI phase, which focuses on private-sector cooperation, and praised Pakistan’s Special Investment Facilitation Council (SIFC) for promptly eliminating bottlenecks and expediting projects.

He announced the establishment of Special Economic Zones (SEZs) in Karachi, Lahore, Multan, and Faisalabad, equipped with facilities for industrial growth. To boost exports resulting from increased industrial activities, Pakistan is actively negotiating market access agreements with regional countries and exploring transit trade arrangements, particularly along the Karachi route. This route has potential for industrial development and official trade in RMB with Russia and other countries.

Dr Ejaz announced the formation of the Pakistan Corporate Consortium (PCC), comprising 10 top business houses aiming to partner with potential Chinese investors for joint ventures. The minister requested Exim Bank’s support in relocating industries to Pakistan.

Mr Ren Shengjun expressed his desire for Pakistan to become China’s hub for productivity and development, emphasising that now is the opportune time to seize these prospects. He was encouraged by the progress of CPEC and recognised the positive impact of infrastructure development on connectivity and Pakistan’s foreign trade.

He disclosed that Exim Bank had completed its internal processes for debt restructuring, which would facilitate transactions in RMB and further enhance trade relations. He commended the establishment of the PCC as a promising mechanism for driving private investment.

Interactive session for businesses

Over 200 prominent Chinese and Pakistani business leaders gathered in Beijing for an interactive session organised by CZK Group and attended by attended by caretaker commerce and industry Dr Gohar Ijaz, energy minister, Muhammad Ali and planning minister Muhammad Sami Saeed, providing a platform for Pakistani businessmen to share their success stories and experiences in doing business with their Chinese counterparts.

Business leaders expressed interest in capitalising on the potential of CPEC to solidify economic relations, focusing on key sectors like infrastructure development, energy, trade, and technology. Dr Ijaz emphasised the historical ties between the two nations and their commitment to building a stronger future together, highlighting discussions on collaboration in various sectors.

Ambassador Moinul Haque expressed optimism about enhanced economic collaboration, translating strong political ties into tangible outcomes.

Published in Dawn, October 21st, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...