PM invites Chinese firms to invest in Pakistan

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Pak-China joint venture in SEZs a win-win situation

Prime Minister Shehbaz Sharif on Wednesday invited Chinese companies to invest in Pakistan, emphasising on sharing of expertise between the two countries.

He expressed these remarks during a visit to the Rashakai Special Economic Zone (SEZ) on Wednesday. It is a flagship project under the industrial cooperation of the China-Pakistan Economic Corridor framework.

Speaking on the occasion, the prime minister reiterated that the government was committed to completing Special Economic Zones at the earliest to ensure development and prosperity in the country.

PM Shehbaz further said that focusing on establishing SEZs across the country would boost industrialization, and exports and generate employment. “The solution to Pakistan’s economic problems was massive industrialization and diversifying the export base,” he added.

He said China had switched to high-tech industrial projects and invited the Chinese companies to invest in Pakistan. “The Chinese expertise in technology and the cheap Pakistani labour could act in a balance to benefit both sides,” he added.

He emphasized on sharing of expertise between the two countries and the need to further augment development by exploring areas in Khyber Pukhtunkhwa and other parts of Pakistan.

The premier also directed the authorities to follow the timelines of the projects related to SEZs and announced holding a virtual meeting in the future to sort out ways for improvement.

PM Shehbaz said it was important to focus on the establishment of SEZs to make them the model of development.

Shahbaz Sharif said that with the cooperation of Chinese companies in Special Economic Zones, “we hope to attract Chinese machinery in these zones and other areas where Chinese technology along with Chinese and Pakistani investment can make a wonderful win- win situation.”

He said, “China has moved to a different level of high-tech industrial projects and is moving away from labour intensive projects. Labour is very expensive in China now and we are in a country where we have comparatively cheaper skilled and semi-skilled labor.”

He said, “This is the first special economic zone I visited; it’s my personal interest and commitment towards the promotion of economic zones in Pakistan, particularly in the smaller provinces of Pakistan for example Baluchistan and KP.”

“That’s why I am here to show this commitment to the entire country that regardless of whatever factors and situation. We are all committed to working jointly to promote industrial investment, jobs, production and revenue to make Pakistan a progressive and a prosperous country in the times to come,” he added.

On the occasion the Prime Minister also received a briefing by China Road and Bridge Corporation (CRBC) on the construction and development of Rashakai Special Economic Zone.