THE launching of the Pak-China Business Investment Forum is surely an important development as the move would help speed up economic cooperation between the two friendly countries under phase-two of the China-Pakistan Economic Corridor (CPEC) and a step further towards the cherished objective of making Pakistan a hub of industries under vision of Prime Minister Imran Khan.
The forum is aimed at enhancing information exchange and promoting communication between businesses of the two countries, thereby opening up new avenues of cooperation.
The Board of Investment (BoI), which is instrumental in attracting foreign investment under its energetic Chairman Muhammad Azfar Ahsan, deserves credit for the formation of the forum with the active collaboration of All Pakistan Chinese Enterprises and arranging its meeting before proposed visit of the Prime Minister to China.
The forum consists of 18 Chinese and 19 Pakistani companies and its objective is to promote sustainable investment, export industry and development of modern technology in Pakistan.
Hopefully, the deliberations would form the basis for a valuable input for policy and decision makers in the two countries on how to accelerate the pace of economic and industrial cooperation for which foundation already exists in the form of China-specific industrial estates.
The Prime Minister has rightly pointed out that only a meaningful increase in exports can take the country out of economic crisis and this in turn requires sharp focus on industrialization.
As premier investment promotion agency, the BoI has, no doubt, embarked upon a comprehensive and aggressive campaign to project Pakistan as an attractive investment destination.
However, in view of the fact that there is tough competition for attracting investment, the Government will have to take innovative approaches both for improvement of the investment climate and sector-specific incentives.
The hard work of the BoI and other relevant ministries and departments can produce the desired results when necessary steps are taken to reduce the cost of doing business, there is harmony among various policies, continuity of policies is ensured and exchange rate is stabilized.
Focus on IT, telecom and electronics is the surest way to industrialization and a substantial increase in exports.
The Chinese Government and companies have repeatedly expressed their readiness to invest more in Pakistan and it is now for the Government to find out what creates hurdles in realization of this sincere commitment.
