Ayesha Saba

Enhancing Pak-China economic and business relationships through joint ventures represents a strategic initiative to deepen collaboration, foster industrial cooperation, and create a framework for sustained economic growth through mutual engagement and shared goals. Former chairman of the Board of Investment (BOI) Haroon Sharif expressed these insights while talking to WealthPK. He highlighted the necessity for diversification and technology transfer in joint ventures and emphasized the potential of Special Economic Zones (SEZs) to serve as hubs for collaboration. According to Haroon, each SEZ is identified as having specific geographical competencies and unique production potentials that could be optimized through collaboration with Chinese companies. He further underscored the need for a comprehensive strategy that involves not just government initiatives but also private-sector engagement. Collaboration with Chinese investors, in this context, is viewed as a catalyst for economic transformation, offering job opportunities, stimulating growth, and contributing to poverty alleviation.

"There is a huge business opportunity in Pakistan through joint ventures where the Pakistani industry raises the capacity, so the question arises where would that money come from to support joint ventures. I suggest that we need a financial institution like a Pakistan-China investment company to put half a million dollars worth of money into these technologies through joint ventures, which will be done in the private sector from where we should get cheaper, high-quality products. To do this, there would be no burden on the government books of borrowing." Talking to WealthPK, Dr Tahir Mumtaz, Director of China Study Center, COMSATS, Islamabad, said, "Pakistan's relations with China remain the cornerstone of our foreign policy. "The close and time-tested friendship with China enjoys the abiding support of the people of Pakistan. Over the last few years, the CPEC has yielded substantial outcomes, playing a crucial role in fostering Pakistan's economic and social progress."

While the joint ventures present a promising opportunity, he cautioned that meticulous planning and transparent frameworks were imperative for their success. Clear policies and effective communication channels would be essential to navigate the complexities of cross-border collaborations and ensure a mutually beneficial outcome. As per information from the Planning Ministry available with WealthPK, a high-profile delegation led by officials from Chongqing Federation of Industry & Commerce, Chang Jiang Industrial Company, Li Ting International, and Yihai Culture Communication Co Ltd, recently visited Islamabad and met with Federal Minister for Planning, Development & Special Initiatives Muhammad Sami Saeed. The meeting focused on exploring collaboration opportunities between Pakistan and China across sectors, emphasizing business expansion and new investment avenues. The discussions centred on strengthening bilateral ties and identifying strategic areas for mutually beneficial partnerships.

Credit: INP-WealthPk