Following his recent meetings with top Beijing officials, Prime Minister Shehbaz Sharif approved joint ventures (JVs) between the two countries on Wednesday to move Chinese industries to Pakistan, according to state media. This was part of his efforts to jumpstart the China-Pakistan Economic Corridor (CPEC) initiative.
The premier, who was presiding over a meeting focused on the Board of Investment (BoI) issues, emphasized that one of the government’s top goals is to promote both domestic and international investment.
He highlighted the administration, led by the Pakistan Muslim League-Nawaz (PML-N), for its efforts in fostering an atmosphere that is really conducive to business for merchants and investors during the conference.
According to state-run APP, during his recent visit to Shenzhen, China, the prime minister assigned the authorities the job of submitting a comprehensive report on the follow-up activities pertaining to the memoranda of understanding (MoUs) signed between Pakistani and Chinese enterprises.
According to the Ministry of Commerce, Chinese and Pakistani companies have signed 31 Memorandums of Understanding (MoUs) covering technology, agriculture, trade, energy, coal, and gasification. On June 7, during a meeting with Prime Minister Shehbaz in Beijing, President Xi Jinping of China stated that their two nations should concentrate on “promoting the joint construction of the CPEC.”
The premier also requested that the Special Economic Zones (SEZs) One-Stop Shop draft legislation be reviewed in light of the most recent business- and economic-related advancements following his fruitful visit to China.
According to the official media, the PM highlighted the possibility of moving industries, pointing out that there was a lot of room for China’s textile, leather, footwear, and other sectors to relocate to Pakistan.
The BoI secretary described during the briefing the measures being taken to assist with this industrial migration, one of which is the employment of Chinese professionals to set up a Business Facilitation Center in the nation’s capital.
Moreover, the Cabinet Committee for Legislative Cases is receiving the text of the “Easy Business Act”.
