Prime Minister Shehbaz Sharif on Wednesday permitted joint ventures (JVs) between the two nations to relocate Chinese industries to Pakistan, as part of its efforts to fire up the China-Pakistan Economic Corridor (CPEC) activities following his recent engagements with top officials from Beijing, state media reported.
Presiding over a meeting centred on the matters of the Board of Investment (BoI), the premier underscored the government’s commitment to fostering both local and foreign investment, which he said were among the government’s priorities
During the meeting, he spotlit the Pakistan Muslim League-Nawaz (PML-N) )-led administration’s contributions towards creating a truly business-friendly environment for traders and investors.
The prime minister, according to state-run APP, tasked the authorities to submit a detailed report on the follow-up actions related to the memoranda of understanding (MoUs) inked between Pakistani and Chinese companies during his recent visit to Shenzhen, China.
China’s President Xi Jinping in a meeting with Prime Minister Shehbaz in Beijing on June 7 had said that their two countries should focus on “promoting the joint construction of the CPEC,” and Chinese and Pakistani firms 31 MoUs covering technology, agriculture, trade, energy, coal and gasification, according to the Ministry of Commerce.
The premier also called for a review of the draft legislation for the Special Economic Zones (SEZs) One-Stop Shop, keeping in view the latest economic and business-related developments from his successful China trip.
Highlighting the potential for relocating industries, the PM identified significant potential for China’s textile, leather, footwear, and other sectors to move to Pakistan, as per the state media.
During the briefing, the BoI secretary outlined steps being taken to support this industrial relocation, including hiring Chinese experts to establish a Business Facilitation Centre in the federal capital.
