Chinese urged to open businesses in Pakistan to overcome labour costs

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China,Pakistan to reap 'early harvest' in economic corridor: Chinese minister

ISLAMABAD, Aug 29 (APP): The economic and trade experts at the China-Pakistan CEOs Forum Monday urged upon the Chinese companies to open their businesses in Pakistan to overcome the high labour costs they have been facing in China as Pakistan has huge bulge of youth population which could be utilized for the economic development.

The experts were participating as panelists in a discussion during the second session of CPEC Summit and Expo here. The summit was organized by Ministry of Planning Development and Reform.

Moderating the session, Bashir Ali Mohamamd, Chairman Gul Ahmed Textile Mills said that since West has failed to share globalization opportunities, so it is China now which has come with new strategy and vision to promote growth.

Since Pakistan is the best fried, it must take benefit of the opportunities offered by China, he remarked.

Ali Mohammad was accompanied by two Chinese and one Pakistani panelists to carry on the discussion on the opportunities and benefits of China Pakistan Economic Corridor (CPEC).

He was of the view that 21th Century belongs to Asia due to vast opportunities and potential it has been offering, however stressed the need for regional connectivity to take
advantage of this potential.

He said that the China Pakistan Economic Corridor (CPEC) would boost growth as it would create connectivity in the Asian region.

He said that China was still exporting worlds 36 percent textile, so if the Chinese shift this industry to Pakistan it would be beneficial for them as well as for Pakistan.

If the Pakistani and Chinese businessmen come together, it would have great advantage for them he said.

Meanwhile, in his brief intervention, Federal Minister for Planning, Development and Reform, Ahsan Iqbal urged the need for undertaking proper homework before initiating any project. He said that the CPEC projects have been fundamentally based on three principle including scientific planning, step by step approach and easier part first.

He said that when a proper homework is lacked, it results in failure of the project, so necessary attention has been given towards devising comprehensive and result-oriented projects.

Earlier, the Chinese panelist Wang Zihai on the occasion said that the CPED was the project of regional economic integration and a showcase project for enhancing friendship.

He was of the view that win-win nature of benefit must be the guiding principle and urged for further enhancing people to people contacts and launching joint venture.

The other panelists also supported promoting business to business contacts and joint ventures to have shared benefit of economic growth in the region.

A logistic expert while participating in the discussion said Pakistan needs to develop its logistic and trucking industry on modern lines.