PM Shehbaz okays Pakistan-China JV project for industry relocation

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Wednesday gave the green light to the joint ventures between Chinese and Pakistani companies for relocating the Chinese industries to Pakistan.

Chairing a meeting to discuss the matters of the Board of Investment (BoI), he said that promoting both local and foreign investment in Pakistan was among the government’s priorities.

He said the government was taking all possible steps to create a business-friendly environment for traders and investors. The prime minister directed the concerned to submit a comprehensive report on the follow up of Memorandum of Understanding (MoUs) signed between Pakistani and Chinese companies in Shenzhen during his recent visit to China.

He also instructed a review of the draft law for the Special Economic Zones One Stop Shop in light of the developments following his China visit.

PM Shehbaz said there was significant potential for relocating China’s textile, leather, footwear, and other industries to Pakistan. Meanwhile, during the briefing, the BoI Secretary said that the steps were being taken to relocate Chinese industry to Pakistan.

It was told that the services of Chinese experts were being hired for establishing Business Facilitation Centre in the federal capital and the draft of “Easy Business Act” was being sent to Cabinet Committee for Legislative Cases.

The meeting was attended by Federal Minister for Privatization and Investment Abdul Aleem Khan, Federal Minister for Commerce Jam Kamal, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Petroleum Dr. Musadik Malik, Prime Minister’s Coordinator, Rana Ehsan Afzal and relevant senior government officials.

Earlier, it was reported that a delegation of Chinese experts from various fields is scheduled to visit Pakistan at the end of June, aiming to foster innovation, technology transfer, and capacity building.

In preparation for this visit, Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal chaired a high-level meeting, under the directive of the prime minister.

Ahsan Iqbal directed the ministries to develop a comprehensive roadmap to maximize the benefits of the experts’ visit.

He said that the focus will be on capacity building of Pakistani experts through training and knowledge sharing, learning from China’s experience in innovation and technological advancements, adapting innovative solutions to Pakistan’s specific needs, and skill development in key sectors.