ISLAMABAD - Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Abdul Razak Dawood Friday said Li & Fung, a Chinese company, has expressed its intention to enhance purchasing from Pakistan up to 1 billion dollar, which would further help promoting the industrial productivity.
Addressing a press conference along with Chinese Ambassador Jao Ying, he said ling & Fung was 134 year old company, which was operating in various countries of the world and deals with business houses for purchasing products and sell them across the world.
Federal Secretary Ministry of Commerce Ahmad Nawaz Sukhera, senior officials of ministries of textile, industries and Board of Investment were also present on the occasion.
The adviser said that the company had about 8,000 business houses across the world and it deals with both the buyers and manufacturers and its operations in the country would equally benefit the vendors as well as manufacturers.
He said the company had expressed its keen interest to promote trade links with Pakistan during a business summit that was held from June 17 to 18 in China, which was also attended by a large number of Pakistani businessmen.
He said the summit was organized by the company, adding they had invited the Pakistani businessmen in particular to attend the conference for exploring the business opportunities existing in many areas.
The Pakistan was planning for fully materializing the trade and investment opportunities that had emerged after the finalization of Free Trade Agreement (FTA)with China and it was also formulating a proper way forward for that, he added.
He informed that the representative of the company had also met with Prime Minister Imran Khan during his visit to China when FTA was signed between China and Pakistan.
The China National Textile and Apparel Council, which was supporting the small and medium enterprises in textile sector was also visiting Pakistan held negotiation with local businessmen to enhance exports.
Abdul Razak said he would also visit China by July 15, and meet with Chinese commerce minister, which would further strengthen the bilateral trade and investment relation of both the countries.
He said after strong coordination between both the governments (China and Pakistan), now the focus was strengthening the business to business contacts.
He said a delegation comprising 17 to 18 businessmen of different sectors had visited China along with the prime minister on their own expenses and interacted with their Chinese counterparts to explore the opportunities of joint ventures.
The adviser said trade cycle with China had started to move towards in right direction, adding cooperation in services sectors would also be promoted as a delegation from China due in September this year was going to visit Pakistan. Speaking on the occasion, commerce secretary said 30 top companies including the Chinese companies operating in Pakistan had participated in the summit and shared the investment policy of the country.
The investors in the summits were also apprised about the fiscal infrastructure, investment opportunities and establishment of special economic zones (SEZs) and future prospects of investment in these SEZs.
He said Chinese companies appreciated the physical infrastructure and expressed their keen interest for investing in Pakistan.
The secretary said due to upward trend in wage ratio in China, several companies were relocating their business and so far seven companies had expressed their interest to relocate their operation in Pakistan. He said the Pakistan was focusing on full relocation including the technology transfer, establishment of manufacturing units and SEZs and value addition of the products, which would open doors of job creation and promote industrial output.
This opportunity would help fully exploit the 90 percent market access achieved under FTA, besides materialize the scope of GSP plus and taping the needs of local market.
The Chines ambassador said Prime Minister Imran Khan had hold three meetings with President Xi Jinping and stressed the need for promoting bilateral cooperation in trade, industry and agriculture sectors development.
He said framework was formulated to enhance cooperation in these sectors, adding that 90% of Chinese market was open for Pakistani products, adding several items including sugar, fruits, mangoes, fish and fishers products were given duty free access to these markets.
The ambassador said Chines markets were relocating their businesses, adding that if only 1% companies relocated their business to Pakistan it could attract $60 billion investment to Pakistan.
Source: The Nation