Terming signing of the IInd phase of Free Trade Agreement (FTA) with China as beginning of "economic revolution" in Pakistan, Lahore Chamber of Commerce & Industry (LCCI) President Almas Hyder foresee a jump of US 6 billion dollars in exports from Pakistan to China.
In letters written to Prime Minister Imran Khan, Advisors to PM on Finance and Commerce and Governor State Bank of Pakistan, LCCI president congratulated the government for this treaty and said, "It is up to the private sector that how it cashes the opportunity and how it develops products as per needs of Chinese market at their specifications. This opportunity should be availed fully, as it would lay foundation of a new era of the country's economic and socio-economic development."
After this historic treaty, a surge of US 6 billion dollars in exports from Pakistan to China is expected; however, to achieve this target, the country would require $3 billion investment for industrial expansion and infrastructure etc, he added.
Almas Hyder further said the government should immediately analyze the situation and sort out the issues being faced by the industrial sector so that maximum benefits could be availed from the opportunity of duty-free access to Chinese markets.
LCCI president maintained that availability of running capital is one of the major issues being faced by the industrial sector. In this regard, he suggested that State Bank of Pakistan (SBP) should make available a special window for borrowing at lowest interest rates, especially for engineering and food industries.
According to him, Chinese investment in Special Economic Zones (SEZs) would expand Pakistan's industrial base and help diversify its export basket. Pakistan needs immediate industrial expansion to cater to the needs of Chinese market after embarking this agreement.
LCCI president pledged to introduce at least 200 companies to China by taking them to different exhibitions besides planning delegations.
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