LAHORE: Zafar Iqbal Vice President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), said during a meeting with the executive body that approximately 2300 small, medium and large scale Chinese companies are currently working in Pakistan investing in various sectors, including the China-Pakistan Economic Corridor (CPEC).

He said that Chinese companies are interested in investing in sectors such as electronics, automotive, education exchange programmes, insurance, agriculture, textiles, shoe manufacturing, chemicals, battery recycling plant and real estate.

He said Pakistan’s chemical industry, which provides inputs for many other sectors such as textiles, agriculture, food and beverages, leather, paper, pharmaceutical, plastics, printing and sugar, needs to build a global reputation of “made in Pakistan” from strength to brand. He further added that, Pakistan is the 8th largest exporter of textile products in Asia.

This sector contributes 9.5 percent to the GDP and provides employment to about 15 million people, i.e. 30 percent of the 49 million workforce of the country. He said that we should seek help from The All Pakistan Textile Mills Association and Punjab Board of Investment and Trade for such joint ventures that would help local textile millers to upgrade their outdated technology.

Vice President PCJCCI stressed Pakistan can benefit from China’s growing influence in the field of biochemical industry, which has injected new vitality into the traditional chemical industry and opened up new development directions and insights.

“With the rapid development of biotechnology, the biochemical industry has become a new engine of growth for the chemical industry,” he said, adding that both countries can cooperate in this field to achieve mutual benefits.

In his concluding remarks he stressed that PCJCCI aims to serve as a bridge between business communities of Pakistan and China to explore and expand the opportunities in the commercial and industrial sector. The government should support various initiatives to open up new vistas of knowledge and technology for our young entrepreneurs and businessmen.

Copyright Business Recorder, 2024