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- June 5, 2024
- Kainat Shakeel
- 0
SHENZHEN: On Wednesday, Prime Minister Shehbaz Sharif assured Chinese investors of full support and safety for Chinese nationals, projects, and assets in Pakistan. He highlighted the importance of profitable business-to-business collaboration for the mutual prosperity of both countries. During his visit to China, the prime minister addressed the Pakistan-China Business Forum and emphasized the potential for bilateral trade and investment. He particularly focused on key areas such as the transfer of Chinese technology, and industry partnerships in IT, agriculture, mining, steel, textiles, and renewable energy. The prime minister commended China’s development and economic transformation model and expressed Pakistan’s intention to adopt a similar approach.”
I’m returning to Pakistan determined to implement this model of significant economic transformation, no matter what.” If we are true to our goals and to the people we serve, this model should be sufficient to emulate. “I swear to God that this is challenging, but it’s not impossible,” he said to the assembly of several hundred Chinese and Pakistani businessmen. He invited Pakistani businesspeople to meet with their Chinese counterparts and discuss ways to bring Chinese textile industries to Pakistan, forming cooperative partnerships in the steel and other industries, as the Business Forum commemorated the B2B matching. “This is the right time, opportunity, and moment to seize.
He said, “I want to assure you that, in my capacity as Chief Executive of Pakistan, not as Prime Minister, I would offer you the maximum support so that businessmen in China and Pakistan profit together. According to him, Pakistan possesses mineral reserves valued at over $10 trillion, yet the nation’s export earnings are only $30 billion. The potential to extract minerals from the resources and turn them into completed and semi-finished commodities for export is enormous. He gave the Chinese side his word that his government had already initiated structural reforms to Pakistan’s legal system to combat corruption.
The Chinese city’s rapid transformation has been dubbed a “miracle of this century” and the “eighth wonder of the world,” Prime Minister Shehbaz said, drawing a comparison between the $500 billion GDP of the 13 million-person city of Shenzhen and the $380 billion GDP of Pakistan, which has 250 million people. Others need to take note of this. He was grateful for Chinese President Xi Jinping’s strong and imaginative leadership, which overcame obstacles and led his nation to become the second-largest military and economic force in the world in a short amount of time, lifting 700 million people out of poverty. Furthermore, he remembered that Pakistan’s economic statistics were superior to China’s in the 1950s and 1960s and urged a united effort to reclaim its stature.
The prime minister also praised President Xi’s ambition for growth and peace, noting that Pakistan has benefited greatly from significant investment in the China-Pakistan Economic Corridor (CPEC) and the Belt and Road Initiative. The prime minister expressed his condolences for the “dastardly and heart-wrenching” occurrence, referring to the recent terror assault on Chinese workers in Besham. He called it “one of the saddest” days of his life, on which the entire country was struck with sadness. He said that the government has implemented several measures to provide impenetrable security and safeguard the lives of Chinese laborers in Pakistan. “I promise and guarantee that we will give Chinese workers better security than our children, and I will spare no effort to protect their lives. He guaranteed that this would never happen again.
Deputy Prime Minister and Foreign Minister Ishaq Dar stated in his remarks that severe setbacks in the program were caused by political unpredictability and frequent government changes, despite Pakistan having a strong track record of economic performance as the world’s 24th largest economy. He did, however, assert that Prime Minister Shehbaz Sharif had a very clear plan that included industrialization, industry driven by import substitution, and growth driven by exports, with the main goal being to lower the fiscal deficit. The deputy prime minister emphasized Pakistan’s potential in the fields of information technology, agriculture, mining, and minerals. She also stated that the Business Forum was unique from prior conventional gatherings in that it facilitated business-to-business matchmaking between Chinese and Pakistani companies.
He informed the Chinese businesspeople that labor costs in Pakistan were very competitive and invited them to investigate Pakistan’s potential. In addition, the prime minister established the Special Investment Facilitation Council, which brings together all pertinent ministries and province chief ministers to streamline and facilitate investment processing. It’s high time you gave B2B joint ventures some thought. The outline is unambiguous. Our goal is a significant fundamental change in the economy. To meet our goal of entering the G20, we are moving quickly. You’ll notice that the government is getting out of the commercial world,” he said. He encouraged the Chinese companies to take part in the approximately 84 state-owned businesses that are being considered for privatization.
“This fiscal year’s 6.25 percent GDP growth in agriculture is a real bright spot,” he stated. He stated that in terms of the current account, remittances had remained stable and that exports had increased in the traditional textile and agricultural industries due to bumper crops and information technology. According to the finance minister, the nation’s current account deficit for this fiscal year would be less than $1 billion. According to him, Pakistan and the International Monetary Fund (IMF) were in discussions for a more extensive and extended program, which was essential to maintain microeconomic stability and carry out structural adjustments.
The Forum would create a new route for trade and economic cooperation, according to Pakistan’s ambassador to Beijing, Khalil Hashmi, who made these remarks in his opening remarks. According to him, the city was chosen for the Forum because of its incredible growth, innovative culture, and well-known Shenzhen Speed on a global scale. He stated that the gathering, which attracted about 500 business executives from China and Pakistan, will give businesspeople on both sides a chance to network and create profitable partnerships.