Business

Pakistan to incentivize investment in export-led industry and import substitution: minister

Pakistan to incentivize investment in export-led industry and import substitution: minister

ISLAMABAD – Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar Thursday said that the incumbent Government was focusing on promoting export-led industry and import substitution for sustained economic growth.

He said that China can help increase Pakistan s exports by relocating export oriented industries and initiating joint ventures in various fields. He said that this will boost industrial cooperation besides strengthening bilateral economic partnership between the two countries.

The minister was chairing a meeting with visiting Chinese Business delegation. The Chinese delegation comprised CEOs and general managers from various sectors especially from the western region city of Chongqing which was leading China in automotives and several other hi-tech industries.

Project Director Hassan Daud and senior officials of the ministry were also present in the meeting.

Welcoming the business delegation, the minister underlined that Pakistan offers liberal investment policies to attract foreign investment in different areas. He said that foreign investors can tap the potential of local export oriented industries through joint ventures.

The minister underscored that private sector of both countries should forge partnerships for mutual economic benefit of the two countries. There are investment opportunities in various sectors such as maritime, iron and steel, petrochemical, agro based industries, tourism, energy, minerals and mines and textiles. He invited Chinese businessmen and investors to take advantage of incentives being offered by Pakistan.

Talking about CPEC, the minister said that CPEC has now entered in its second phase with focus on industrial and agriculture cooperation, socio-economic development and development of Gwadar. He said that establishment of industrial zones has the potential to revive Pakistan s industrial sector adding that it will also create job opportunities besides developing local industries.

The visiting Chinese business delegation expressed desire to invest around $1 billion in various sectors in initial phase. They expressed desire to invest in various sectors in Pakistan including automotives, textiles, agriculture related industries, IT and telecom industries.

During the meeting, various proposals were discussed to explore more opportunities for future cooperation. The minister said that Ministry of Planning will extend all out support and facilitate investment in different areas to strengthen the economic cooperation between the two countries.