There exists huge potential for Pakistan and China to enhance beneficial cooperation, complement economies of each other: Cen Hongkai

Lahore, February 28, 2014 (PPI-OT): There exists a huge potential for Pakistan and China to further enhance beneficial cooperation and complement economies of each other, said Cen Hongkai, head of a 23-member delegation of Chinese entrepreneurs.

He was speaking at the Lahore Chamber of Commerce and Industry on Friday. LCCI Senior Vice President Mian Tariq Misbah presented the address of welcome while Vice President Kashif Anwar, former Vice President Saeeda Nazar, Executive Committee Members Zafar Mehmood, Chaudhry Muhammad Aslam, Mian Muhammad Afzal and former Executive Committee Members Siddiqur Rehman Rana and Rehmatullah Javaid also spoke on the occasion.

Cen Hongkai said that Pakistan had made attractive investment policies which provide a lot of investment opportunities that are prompting Chinese entrepreneurs to come and invest in Pakistan.

“In recent years, Pakistan has put forward many preferential policies to attract foreign investment. The rapid development of the economic globalization and regional integration also provide a good opportunity for further cooperation between the two sides.”

Cen Hongkai hoped that the entrepreneurs from Zhongshan and Pakistan should seize the rare opportunity and make good use of all the favorable conditions to strengthen the trade and investment cooperation and promote the bilateral economy and trade.

He said that the Chinese entrepreneurs wanted to explore Pakistan’s market for joint ventures and other investments. He said that promotion of bilateral trade relations and strengthening of economic cooperation were the objectives of the delegation.

He said that the delegates comprise businessmen belonging to trade, building materials, home appliances, lighting, machine and equipment and project contracting etc.

Cen HongKai said that Pakistan is an important country in South Asia offering good business prospects. He invited Pakistani investors to join hands with Chinese counterparts for economic prosperity of both countries.

Cen Hongkai said after 30 years of reforms and opening up Zhongshan has fostered 23 industrial clusters in the fields of home appliances, hardware, lighting and casual wear.

Zhongshan’s GDP in 2013 reached US$ 43.4 billion with exports of US$ 35.6 billion. Eighteen Fortune Global 500 corporations have set up 26 enterprises here, which highlights its rising economy and huge business potential.

The LCCI Senior Vice President Mian Tariq Misbah said that because of its strategic location, Pakistan offers tremendous opportunities for foreign investment. He said that ample opportunities of foreign investment are available in energy sector which is the top priority of the government keeping in view the revival of the economy.

Other sectors are where joint ventures could be initiated are food processing, corporate farming, light engineering, telecommunications, alternate energy solutions, automobiles, transportation and logistics.

He said that grant of GSP Plus status to Pakistan by the EU had created new opportunities for local and foreign investors therefore it is high time for Chinese investors to set up joint ventures and make direct investment in areas of interest.

Mian Tariq Misbah also informed the Chinese delegation that LCCI had established a Mediation Center at its premises with active collaboration of International Finance Corporation (IFC). There are more than 40 accredited mediators who can help the local, national and international businessmen for out-of-the-court settlement of business disputes.

Speaking on the occasion, the LCCI Vice President Kashif Anwar said that the LCCI had regularly been receiving complaints from its member firms about certain trade disputes/disagreements which they have with Chinese firms. He sought the help of the head of the delegation for bringing them on the mediation table for amicable solution of business disputes.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

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