Deputy Prime Minister and Foreign Minister Ishaq Dar emphasized on Thursday that the government’s economic reforms agenda includes appealing incentives for investment. He urged Chinese entrepreneurs to capitalize on the favorable policies and establish labor-intensive industries in Pakistan.
Mr. Dar emphasized the highly competitive labor costs in Pakistan compared to China, particularly in sectors such as agriculture, textiles, mining, and information technology. He made these remarks during the Pakistan-China Business Roundtable Conference organized by the Pakistan Embassy in Beijing.
The government, according to Mr. Dar, has accelerated the development of special economic zones and introduced attractive incentives to encourage the establishment of various industrial units. He mentioned that there are 13 key areas with significant potential for Chinese and Pakistani entrepreneurs to set up industries either independently or through joint ventures with local businesspeople.
Furthermore, Mr. Dar pointed out that Chinese businessmen could benefit from preferential market access to major economies like the European Union, the Gulf region, China, and other countries with free trade agreements with Pakistan. He also highlighted the competitive incentives available in special economic zones, export processing zones, Gwadar free zone, and special technology zones.
In addition, the deputy prime minister suggested considering the privatization of certain state-owned enterprises from a business perspective. He reassured the safety of Chinese citizens and institutions in Pakistan and expressed confidence that the perpetrators of the Dasu terrorist attack would be apprehended soon.
In addition, the foreign minister held a meeting with Chinese Minister for Finance, Lan Foan, where he highlighted the reform agenda of the Pakistani government. The agenda primarily focuses on governance, revenue generation, and improving the ease of doing business in order to attract foreign direct investment.
Furthermore, he emphasized the high priority that Pakistan places on investments from China. He provided an overview of the sectors that have been identified as priority areas for investment, which include agriculture, information technology, mining and minerals, and renewable energy.
Both the deputy prime minister and the Chinese minister expressed deep appreciation for the financial and banking cooperation between Pakistan and China. They regarded it as a clear demonstration of the strong and enduring strategic partnership between the two nations.
