By Hifsa Raja ISLAMABAD, May 30 (INP-WealthPK) Cooperation between Pakistan and China in the high-tech industry can stimulate the local economy, WealthPK reported. According to the National Bureau of Statistics of China, investment in the high-tech industry expanded by 22%, with investments in high-tech manufacturing and high-tech services increasing by 25.9% and 13.2%, respectively. Investment in the production of electronic and communication equipment and medical equipment, measuring instruments, and metres increased by 30.8% and 29.4%, respectively, while investment in services for transformation of scientific and technological achievements and in research, development and design services, went up by 21.9% and 21.1%, respectively. Dr Usman Qadir from the Pakistan Institute of Development Economics (PIDE) told WealthPK that China's high-tech industry is expanding. “Investment in the high-tech industry has significantly increased. Pakistan and China have vast industrial collaboration, which has the potential for further expansion. If we get technology transfer from China in the high-tech industry, it will facilitate the growth of our technology,” he said. Dr Usman said high-tech firms in the pharmaceutical, medical, precision, and optical instrument industries, radio, television, and communication equipment, aircraft and spacecraft, and computing machinery industries require the transfer of technology. He said if the Chinese desire to conduct business in Pakistan's high-tech industry, it will benefit both Pakistan and China. It will help Pakistan acquire advanced technology, and the Chinese to receive tax rebates and a favourable business environment. According to the State Bank of Pakistan (SBP) Business Confidence Survey, the Expected Business Confidence Index (EBCI) has been inside the positive zone since August 2020. During the 6th meeting of the Joint Working Group on CPEC Industrial Cooperation (IC) between the National Development and Reform Commission (NDRC) of China and the Board of Investment (BOI) Pakistan, the NDRC proposed the inclusion of provincial and municipal development and reforms commissions in order to advance industrial cooperation between Pakistan and China. Project Director of CPEC-IC BOI Asim Ayub emphasised in the meeting that the BOI is taking the lead in CPEC industrial cooperation by providing a conducive environment for business-to-business and people-to-people cooperation through policy support, promotion of joint ventures between Pakistani, Chinese, and third-country companies, and promotion and administration of special economic zones (SEZs) in Pakistan. “Pakistan provides a myriad of opportunities for foreign businesses to flourish and prosper. The SEZs provide a 10-year income tax holiday and one-time custom duty exemptions for plants and machinery, both for the developers and zone enterprises,” Asim said. “The Government of Pakistan highly values Chinese investment and through its liberal investment regime, promises the possibility of 100% repatriation of capital, profits, and dividends,” he said. According to the National Bureau of Statistics of China, in the first three months of the current year, the total profit of Chinese industrial firms above the designated size was 1.955 trillion yuan, an increase of 8.5% compared to the corresponding period in the previous year.