SHENZHENP: Prime Minister Shehbaz Sharif, during his address at the Pakistan-China Business Forum in China, emphasized the importance of mutually beneficial business-to-business cooperation for the future of Pakistan and China. He assured Chinese investors of full facilitation and security, highlighting the immense potential for bilateral trade and investment in sectors such as technology, industry, IT, agriculture, mining, steel, textiles, and renewable energy. The prime minister praised the Chinese model of economic transformation and expressed his commitment to replicating it in Pakistan to achieve significant economic growth.
Sharif underscored the necessity of Pakistani businesses collaborating with their Chinese counterparts, particularly in relocating Chinese textile industries to Pakistan and forming joint ventures in other sectors. He reiterated his dedication to supporting these collaborations, ensuring structural changes to combat corruption and improve the business environment. Sharif highlighted Pakistan’s vast mineral deposits, which he said could significantly boost exports if properly utilized, and drew attention to China’s rapid development, urging Pakistan to learn from its example.
Deputy Prime Minister Ishaq Dar reflected on Pakistan’s past economic successes and attributed recent setbacks to political instability. He highlighted Prime Minister Sharif’s export-led growth strategy aimed at reducing the fiscal deficit through industrialization and import-substitution. Dar also emphasized the competitive labor costs in Pakistan and the formation of the Special Investment Facilitation Council to streamline investment processes, encouraging Chinese businesses to explore joint ventures and participate in Pakistan’s privatization initiatives.
Finance Minister Muhammad Aurangzeb presented an optimistic economic outlook for Pakistan, noting substantial growth in agriculture and improvements in exports and remittances. He highlighted ongoing discussions with the International Monetary Fund (IMF) for a comprehensive program to ensure long-term economic stability and facilitate necessary structural reforms. Aurangzeb’s remarks pointed to a positive trajectory for Pakistan’s economy, supported by strong performance in key sectors.
Pakistan’s Ambassador to Beijing, Khalil Hashmi, remarked on the significance of the forum for enhancing economic and trade cooperation between Pakistan and China. He lauded Shenzhen’s rapid development as an inspirational model and noted the forum’s role in fostering networking and forging partnerships among business leaders from both nations. This event, attended by around 500 business leaders, was seen as a crucial step towards deepening economic ties and achieving mutually beneficial outcomes for Pakistan and China.
