‘Pakistan to focus on Gwadar port to enhance exports’

BEIJING: Haroon Sharif, former minister of state and Chairman of Board of Investment, said Pakistan will take full benefit of Gwadar sea port for enhancing its exports, and promoting trade connectivity with the rest of the World.

Addressing Beijing Forum on CPEC held here, he said, as a large agriculture country, Pakistan can produce many foods items for exporting to China and other countries. The most important route to achieve objective is the development of Gwadar Port on fast-track basis.

As its unique geographical location, Gwadar can provide a cost-effective short route for trades to benefit both China and Pakistan. Talking about Pakistani enterprises’ advantages, Mr Sharif said they could make better products for exports via the technology transfer as China has invested a lot in modern and high technologies. Pakistan has lower labor costs to benefit China.

Mr Sharif stressed for Pakistan, this partnership will be helpful, if the investment could create more job opportunities and improve its exports. If 80 percent of JV’s products could be exported, the JV’s tax exemption period will be extended to 20 years. Pakistan is also establishing special economic zones, where cheaper electricity and other kinds of facilities will be available for all investors. Pakistan’s labor costs will be comparatively low, he added. Mr Sharif is also very optimistic about Pak-China’s cooperation in the third-party market. As Pakistan has abundant raw materials and cheap labor and China has technologies, Chinese enterprises could set up plants and produce in Pakistan.