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

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.