Chinese companies asked to invest with technology transfer

Islamabad : Islamabad Chamber of Commerce & Industry (ICCI) President Sardar Yasir Ilyas Khan led a delegation to visit the Embassy of China and held a meeting with Xie Guoxiang, minister counsellor (Economic and Commercial) to discuss possibilities of further improving bilateral trade and investment relations between Pakistan and China.

Fatma Azim, senior vice president and Abdul Rehman Khan, vice president ICCI were in the delegation.

ICCI president said that Pakistan and China enjoyed strategic friendship which could be further strengthened by developing strong trade and economic relations between the two countries. He said that Pakistan was a growing market for business activities and it was the right time for Chinese companies to transfer technology to Pakistan and set up JVs and industrial units here.

He said that Pakistan’s exports to China could increase to $23 billion only if China provided one per cent share in its supply chain through importing raw materials and intermediate goods from Pakistan.

Sardar Yasir Ilyas Khan said that Pakistan’s automobile, IT & telecom, industry, agriculture and construction sectors possessed tremendous potential for Chinese investors. He said that Special Economic Zones (SEZs) of Pakistan offered tax holiday for many years, Chinese investors should explore JVs and investment in these SEZs to earn lucrative returns. He said that the Embassy should streamline its visa policy for Pakistani business community so that they could easily visit China to explore business collaborations with Chinese counterparts. He said that ICCI was working with the government for One Window facility for investors and assured that ICCI would facilitate Chinese investors in Pakistan.

Speaking at the occasion, Xie Guoxiang, minister counsellor, said that 2nd phase of CPEC has started cooperation in industrial and agriculture sectors, health and digital technology between China and Pakistan that would boost its economy. He emphasized that Pakistan should focus on improving its infrastructure that would attract more Chinese investors to Pakistani market.

Both sides also discussed signing of an MoU of cooperation between ICCI and Chinese Capital Chamber of Commerce & Industry to promote business linkages between the two countries.