Qudsia Bano

The Pakistani government’s recent initiative to invite Chinese companies to invest in the country in a safe and secure environment has garnered massive praise, reports WealthPK. This move, aimed to brace economic growth and foster closer ties with China, was highlighted during a high-level briefing at the Board of Investment (BOI). The briefing, attended by Chinese Ambassador to Pakistan Jiang Zaidong and senior Pakistani officials, outlined opportunities in several sectors, including medical equipment, plastic industry, textile, leather, edible meat, fruits and vegetables, and waste management. The briefing also underscored the importance of facilitating business operations for Chinese companies. Federal Minister for BOI Abdul Aleem Khan emphasized the potential for Chinese companies to invest in Pakistan's infrastructure, housing, and other critical sectors. He assured the Chinese delegation that their security would be the top priority, stating, “Our Chinese brothers are our guests, and their foolproof security will be ensured at all costs.”

Experts have welcomed this initiative, highlighting its potential to attract significant foreign direct investment (FDI) and strengthen economic ties between the two nations. World Bank economist Dr. Hamid Haroon commented, “Pakistan's assurance of security to the Chinese investors is a strategic move that could lead to a substantial increase in FDI. It can boost economic growth and signal to other potential investors about the country's commitment to creating a safe and conducive investment environment.” “Providing direct access to investment opportunities and ensuring security for foreign investors are crucial steps towards building the investor confidence. This initiative reflects Pakistan's dedication to fostering a welcoming business environment and could pave the way for increased bilateral trade and economic collaboration,” said Dr Haroon. Chinese Ambassador Jiang Zaidong expressed his support for the initiative, saying that Chinese business organizations would actively participate in promoting trade and investment in Pakistan.

Collaboration between the BOI and Ministry of Commerce was also highlighted as a key factor in facilitating this process. Special Assistant to the Prime Minister Tariq Fatemi reiterated the government's commitment to prioritizing investment in the context of Pakistan-China friendship and brotherly relations. He stated, "Investment from China is always a top priority for Pakistan, and this initiative reflects our dedication to strengthening economic ties and promoting mutual prosperity." Dr. Ahmed Faraz, an economist at the Pakistan Institute of Development Economics (PIDE), said, “As Pakistan extends business visa facilities to investors from 124 countries, including China, establishment of a secure and supportive investment environment is expected to attract more international investors. The positive reception underscores the potential impact of this initiative on Pakistan's economic landscape, fostering growth, and enhancing bilateral relations with China”.

Credit: INP-WealthPk