Chinese investors ink agreement to invest in textile sector

Lahore : Chinese investors have shown interest in investing in the Punjab Province. The latter appreciated Pakistan’s textile and textile value addition sector.

In this regard, a four-party Cooperation Framework Agreement was signed between China Railway 20 Co. Pakistan (Pvt) Limited, Shanghai Yuanyi Industry Company Limited, Pak-China Investment Company Limited and Punjab Board of Investment and Trade (PBIT).

Representatives from China Railway 20 Co. Pakistan (Pvt) Limited, Shanghai Yuanyi Industry Company Limited and Pak-China Investment Company Limited held a joint meeting at the Punjab Board of Investment and Trade. The Minister for Industries, Commerce and Investment, Mian Muhammad Aslam Iqbal, Chinese Consulate General Long Dingbin and CEO PBIT, Jahanzeb Burana also participated in the joint meeting.

All participants in the meeting were briefed about the core functions of PBIT as an Investment Promotion Agency.

Minister Aslam Iqbal stated that the government resolves to strengthen the economic bond between both countries in light of China Pakistan Economic Corridor and Belt & Road Initiative. Participants of the meeting expressed a mutual resolve to work together and take things forward in a positive manner.

On this occasion Provincial Minister for Industry & Trade Mian Aslam Iqbal said that government is facilitating investors through various reforms and as a result, several multinational companies have started entering Pakistan in different sectors of the economy.

He said that this project would also provide creative facilities to the industry and create a major breakthrough by generating at least 5000 jobs in this sector. Increase in exports was the topmost priority of present government and this project would prove instrumental in this connection, he said.

Minister told that the ease of doing business, pro-investment initiatives and restructuring of the taxation system would greatly help promote investment and exports from Pakistan.

Chinese Consul General Long Dingbin assured that China would continue to remain a strong partner in Pakistan’s development. Saying that China had a vibrant and active private sector, he stressed it was yet another potential area for cooperation with Pakistan. Long Dingbin said that Chinese projects would unleash their economic benefits and turn Pakistan’s economy around.

On this occasion, Chinese investors said that there was no deficiency of talent in Pakistan. They said that this project would also transfer the latest technology in the country. “This will enhance Pakistan’s exports and help generate thousands of new jobs in the country over the next couple of years,” they said. Collaboration with the Punjab government will be further extended adding that conducive atmosphere is available in Punjab for investment and trade, they added.