Islamabad, Sep 14: Jam Kamal Khan, the federal minister of commerce, highlighted the strategic alliance often referred to as “iron brothers” between China and Pakistan. The Minister of Commerce emphasized how crucial it is to match the two nations’ robust political and geopolitical relationships with their economic collaboration.
The minister stated, “There is still vast untapped potential, even though our economic partnership has grown significantly, particularly through initiatives like the China-Pakistan Economic Corridor (CPEC) and the China-Pakistan Free Trade Agreement (CPFTA).”At the Pakistan Investment Conference, which was part of China’s second-largest show, the China International Fair for Trade in Services (CIFTIS), the Federal Commerce Minister gave a virtual keynote presentation.
The purpose of the event, which was arranged by the Pakistani Embassy in Beijing in association with the Beijing Municipal Government, the Chinese Ministry of Commerce (MOFCOM), and B2B exchanges, was to promote investment prospects in Pakistan.
A focus on Phase II of the China-Pakistan Economic Corridor (CPEC), which prioritizes win-win partnerships and business-to-business (B2B) exchanges, the Commerce Minister emphasized that efforts to encourage Chinese investments in Pakistan have gathered speed following the Prime Minister’s visit to China in June 2024.
He assured Chinese businesspeople of the Government of Pakistan’s cooperation, repeating its commitment to create an environment suitable to investment and industrial growth.The Commerce Minister listed Pakistan’s many economic resources, investor-friendly laws, and easy access to important regional and international markets as some of the competitive advantages that the country provides to Chinese companies.
A population of over 240 million and a median age of 21, Pakistan offers both a large consumer base and a flexible, cost-competitive labor force. Representatives from Pakistan’s top industrial park operators and companies, such as the Pakistan Green Initiative (SIFC), Exports Processing Zones Authority, Dhabeji Special Economic Zone, Gwadar Free Zone, International Innovative Park (EPZ), Netsol, National Bank of Pakistan, JW Group, and Uqab Group, were among the attendees at the conference.
High-ranking Chinese officials also graced the occasion, including Ms. Liu Meiying, Deputy Secretary General of Beijing Municipal People’s Government; Mr. Li An Mr. Zhang Yanqing is the deputy secretary general of the people’s government of Pingdingshan City. Ms. Lin Changhua is the deputy director of the SCO Demonstration Area in Qingdao.
Two significant agreements were inked during the conference: the first was an investment pact worth USD 382 million between International Innovation Park Limited (EPZ) and COFCO Technology. A Memorandum of Understanding (MoU) for the Digital Transformation and Supply Chain Optimization of 200 Textile Factories in Pakistan was signed by CEO Waetz Asia and IBI.
Panel discussions on Pakistani industrial park development and the possibility of agricultural and technological collaboration between the two countries were held during the second part of the conference.The panel talks took place at the Pakistan Pavilion, which served as a venue for B2B meetings between Chinese and Pakistani businesses thanks to the setup of an Investment Lounge.
The Commerce Minister concluded his speech by urging Chinese businesses to explore the vast opportunities Pakistan offers, saying, “With new developments and emerging opportunities on the horizon, Pakistan is the place to invest, and the time to act is now.”
He warmly invited all attendees to visit Pakistan to further explore the exciting investment and business prospects awaiting them. The Pavilion themed “Invest in Pakistan” will remain operational from September 12 to 16, 2024, with a strong turnout from Chinese companies engaging with Pakistani businesses.
