Planning Minister Ahsan Iqbal Engages with Chinese Enterprises and Pakistani Business Houses to Explore Business Potential

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Federal Minister for Planning, Development & Special Initiatives, Prof. Ahsan Iqbal, convened a meeting with Chinese enterprises and Pakistani business houses to solicit input and proposals aimed at enhancing bilateral cooperation and realizing mutual opportunities.

In his opening remarks, Minister Ahsan Iqbal highlighted the role of infrastructure development in strengthening Pakistan's economic stability. The Planning Minister highlighted that significant progress was achieved by 2018, with approximately $25 billion invested in diverse projects nationwide. The surge in Chinese investment during the peak period of 2017-18, marked by active trade activities and prominent Chinese presence in cities like Karachi and Islamabad, underscored the potential for robust economic collaboration.

However, post-2018, political transitions led to a slowdown in China-Pakistan Economic Corridor (CPEC) projects, necessitating renewed efforts upon the government's reinstatement in April 2022. Planning Minister highlighted that in the 16 months’ tenure, various pending projects were completed including projects like the completion of Gwadar's electricity transmission infrastructure and 1.2 MGD water supply projects for the Gwadar residents.

The Planning Minister highlighted that the 2nd phase of CPEC emphasizes industrial cooperation and business-to-business partnerships, building upon the groundwork laid in the initial phase.

Minister Ahsan Iqbal reiterated the invaluable contributions of Chinese enterprises to Pakistan's development, stressing the need for collaborative efforts to maximize productivity and set actionable agendas.

The planning minister highlighted that despite economic challenges during 2018-2022, rigorous efforts have stabilized the economy and restored investor confidence, as evidenced by positive indicators like the Karachi Stock Exchange's record-breaking performance that has crossed 73,000 index which is a record in the history of Pakistan.

Looking ahead, the Planning Minister stressed that there's a compelling opportunity for Pakistani businesses to integrate into China's global supply chain, fostering trade and enhancing economic resilience for both nations. Highlighting China's annual imports worth $2.7 trillion, compared to Pakistan's modest share of $3 billion, Planning Minister underscored the significant room for growth in exports to China urging Pakistani businessmen to explore and tap into the vast opportunities offered by the Chinese market. He called for a concerted effort to study and understand the dynamics of the Chinese market to boost exports from Pakistan and strengthen economic ties between the two countries.

In his concluding statements, Planning Minister Ahsan Iqbal emphasized the importance of holding regular meetings every two months to address pending issues promptly. Addressing Chinese Enterprises, the Planning Minister underscored the Ministry of Planning's commitment to resolving challenges faced by Chinese investors, and reaffirmed Pakistan's dedication to enhancing support for them.

Furthermore, Minister Ahsan highlighted the need for provincial-level cooperation to attract increased investments. He directed that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) should establish a specialized quality control mechanism to verify the credibility of Pakistani businesses for potential Chinese partners, aiming to prevent any unfavorable experiences.

Emphasizing the importance of legitimate and authentic business collaborations with Chinese enterprises, he stressed the need for transparency and integrity.

Lastly, Minister Ahsan commended all Chinese Investors investing in Pakistan, referring to them as “Heros of Pakistan” and assured the government's unwavering commitment to safeguarding their interests and facilitating conducive business environments throughout the country.