Pakistan to follow Chinese examples of Industrialization: Chairman BoI

ISLAMABAD: Chairman Board of Investment, (BOI) Zubair Gilani on Thursday said that Pakistan is deeply fascinated by China’s example of industrialization and economic wisdom.

The China Pakistan Economic Corridor (CPEC) initiative and industrial cooperation between the two nations is the first step in transforming the lives of people of the two countries, he expressed these remarks while briefing a 50-member Chinese Investment delegation here at BoI office.

The delegation was comprised of CEOs / General Managers of Businesses from the City of Chongqing, China said press release issued by BOI here.

Secretary BOI, Omer Rasul, Additional Secretary BOI, Muhammad Saleem Ahmed Ranjha, Executive Director General BOI, Fareena Mazhar and President of Pakistan China Joint Chamber of Commerce and Industries Faisal Afridi were also present on the occasion.

Zubair Gilani said that China Pakistan relationship transcends all differences; despite political differences among political parties in Pakistan, there has always been complete unanimity as to the importance and significance of China Pakistan’s Friendship.

Chairman BOI stated that Pakistan to learn lessons from Chinese experiences in the development of the industrial sector.

“Keeping in view its historical and cultural legacy, China is an inspiration for Pakistan and it has given a clear message to the world that anything is possible with the right leadership” he added.

He further assured that his team at BOI would provide all-out support to the Chinese investors regarding investment opportunities in Pakistan.

While head of the Chinese delegation Pan Guangfeng acknowledged the significance of Pakistan’s strategic location and the immense investment opportunities in the country.

He also highlighted the potential role of BRI in contributing to the economic and social development of Pakistan and further explored the avenues of collaboration in technological innovation and up-gradation, job creation, e-commerce, and development of human resource capabilities through industrial cooperation between China and Pakistan.

Mr. Guangfeng informed that the city of Chongqing is side by side with OBOR and a center of heavy industrial activity in central China, especially the automotive and electronics industries of the region along with 37 industrial parks.

He highlighted that the investors could raise $ 300 million to $ 500 million for SEZ infrastructure development and an umbrella investment of $ 1-5 billion in several sectors.

He hoped that Chinese investment in Pakistan would help to create 500-thousands of direct jobs for local youths besides the transfer of technology and raising of industries tech standards in Pakistan.

Members of the visiting delegation personified immense experience in developing economic zones and expressed their intention to facilitate in the development of Special Economic Zones (SEZs) in Pakistan.

While on the occasion, Secretary BOI, Omer Rasul, introduced his team of the Board of the Investment (BOI) which is the one window of the government of Pakistan for the facilitation of foreign and local investors in Pakistan.

He accentuated that the BOI has especially set up a Chinese Project Management Unit (PMU) for a smooth transition of future cooperation.

Rasul emphasized that the time to invest in Pakistan is now.

He highlighted Pakistan’s reforms agenda such as steps to improve Pakistan’s ranking on the ease of doing business and structural changes in micro-economic sectors particularly industrialization in the country.

He further said that Pakistan and China are agreed on CPEC next phase- Industrialization of Pakistan.