The expression of interest by Hexing Electrical, a major Chinese business group, in investing in Pakistan’s key sectors is yet another testament to China’s seriousness to enhancing and solidifying economic relations with Pakistan. During a meeting with Minister for Board of Investment and Privatization, Abdul Aleem Khan, the Hexing Group’s Chairman, Liang Zhang Zhou, revealed plans to invest in renewable energy and establish factories in Pakistan.
China’s technological and scientific advancements over the years have been extraordinary. A recent article in The Economist aptly described China as a “scientific superpower,” highlighting its rapid progress in various fields. Moreover, numerous studies have suggested that China has already surpassed the United States in several scientific and technological domains, such as artificial intelligence, renewable energy, and telecommunications.
We have long-standing and robust ties with China, characterized by deep-rooted friendship and strategic partnerships. Leveraging this relationship, we can significantly benefit from China’s technological advancements and industrial growth. The establishment of Chinese factories and facilities within Pakistan can be a game-changer, potentially leading to knowledge transfer, capacity building, and the creation of job opportunities. This would not only bolster our economic landscape but also enhance its technological base, particularly in emerging sectors like renewable energy.However, to fully realize these benefits, it is crucial for us to ensure a conducive and welcoming environment for Chinese and other foreign investors.
We must not just facilitate investment through favourable policies and regulations but also address bureaucratic hurdles, ensuring transparency, and providing a stable economic and security environment. The prospect of the transfer of industries from China to Pakistan is indeed a welcome development. Yet, for this potential to be fully harnessed, we must continue to engage deeply with the Chinese authorities and businesses. The engagement should be strategic, aimed at understanding Chinese technological advancements and aligning them with our developmental needs. Collaboration in research and development, technology transfer agreements, and joint ventures should be prioritized to make the most of this opportunity.
