PRIME Minister Shehbaz Sharif on Wednesday gave the go-ahead to joint ventures (JVs) to relocate Chinese industries to Pakistan, in a bid to reinvigorate the China-Pakistan Economic Corridor (CPEC) activities. The economic benefits of these joint ventures are manifold. They include technology transfer, skill development through knowledge sharing, job creation and infrastructure development, which are essential for Pakistan’s economic growth trajectory. Furthermore, enhanced connectivity and integration under CPEC will not only bolster regional trade but also contribute to broader stability and development objectives in South Asia.
Pakistan and China share a history of robust ties that have evolved into a strategic partnership encompassing various sectors including trade, infrastructure development and technology transfer. During his recent visit to China, PM Shehbaz Sharif secured 31 memoranda of understanding (MoUs) covering crucial sectors such as technology, agriculture, trade, energy and infrastructure. These agreements not only reflect the depth of bilateral cooperation but also pave the way for substantial economic benefits for both nations. The emphasis on joint construction under CPEC, as noted by President Xi Jinping, underscores the shared commitment to deepen economic collaboration through strategic projects. The decision to establish a Business Facilitation Centre in Islamabad staffed by Chinese experts is a proactive step towards facilitating smooth industrial relocation and operational processes for Chinese firms investing in Pakistan. Moreover, the introduction of the “Easy Business Act” demonstrates Pakistan’s commitment to creating a favourable business environment, essential for attracting foreign investment. It is a matter of satisfaction that the government is taking serious measures for the security of Chinese nationals in Pakistan. The approval of the Azm-e-Istehkam operation is a crucial assurance. A stable and secure environment not only protects foreign investment but also instils confidence in other potential investors eyeing opportunities in Pakistan. Moving forward, it is imperative for Pakistani officials to maintain close engagement with their Chinese counterparts to ensure the timely implementation of the MoUs and agreements signed. This proactive approach will be instrumental in translating commitments into tangible outcomes that benefit both nations and their peoples.
