Deputy Prime Minister Dar invites Chinese entrepreneurs to set up labor-intensive industries in Pakistan
ISLAMABAD: Deputy Prime Minister Islamabad on Thursday invited Chinese entrepreneurs to set up labor-intensive industries in Pakistan, as the country seeks foreign investment to strengthen its fragile $350 billion economy. National Radio Pakistan reported.
Dar arrived in Beijing on May 13 for Foreign Minister Wang Yi, who is co-chairing the fifth session of the China-Pakistan Foreign Ministers’ Strategic Dialogue.
The Deputy Prime Minister undertook this visit to strengthen ties with China and assure the Chinese government that Pakistan will strengthen security for Chinese nationals and hold important meetings with local businesspeople and entrepreneurs. .
“Deputy Prime Minister and Foreign Minister Ishaq Dar has invited Chinese entrepreneurs to set up labor-intensive industries in Pakistan by taking advantage of investment incentives,” Radio Pakistan reported.
Mr. Dar made the following comments in his keynote speech at the Pakistan-China Roundtable held in Beijing. The Deputy Prime Minister said that Islamabad is promoting the construction of special economic zones in the country and providing “attractive incentives” for setting up various industrial units in the country.
“He said the government has worked out 13 key areas where Chinese and Pakistani entrepreneurs have great potential to establish industries on an ownership basis or through joint ventures with Pakistani businessmen.” The media reported.
Separately, the minister also met with Wu Fulin, president of the Export-Import Bank of China, and discussed the bank’s long-standing cooperation with Pakistan and the bank’s interest in making future investments in the South Asian country.
“Ishaq Dar particularly pointed out the excellent performance of the Pakistan Stock Exchange and the renewed confidence of international investors in Pakistan’s economy,” Radio Pakistan reported.
Mr. Dar asked the bank to consider new financing projects in the renewable energy, agriculture, industrialization and industrial sectors in Pakistan.
The Chinese government has been one of Islamabad’s most reliable foreign partners in recent years, often actively providing financial aid to help its troubled neighbour. Last July, China granted Pakistan a two-year rollover of a $2.4 billion loan, giving the debt-laden country much-needed breathing room as it grapples with its balance of payments crisis.
China has invested more than $65 billion in energy infrastructure projects as part of the China-Pakistan Economic Corridor (CPEC). The project is part of President Xi Jinping’s ambitious Belt and Road Initiative. CPEC aims to provide China with a shorter and safer trade route through Pakistan to the Middle East and beyond.
Dar’s visit comes amid Pakistan’s recent push for overseas investment, with Islamabad having seen high-level exchanges in recent weeks with diplomats and business delegations from countries including Saudi Arabia, Japan, Azerbaijan and Qatar. are occurring one after another.
Prime Minister Shehbaz Sharif has vowed to rid the country of its chronic macroeconomic crisis through foreign investment and efficient economic management.
