The CPEC has injected vitality into Pakistan's manufacturing sector, especially the production of engineering goods. The influx of Chinese investment has led to the establishment of advanced manufacturing units equipped with the latest machinery and automation technologies. Dr Tahir Mumtaz, Director of China Study Centre, COMSATS, Islamabad said this while talking to WealthPK. “Under BRI and CPEC, Pakistan and China are focusing on promotion of innovation and entrepreneurship, encouragement of people-to-people exchanges, establishment of joint research laboratories, and cooperation on the establishment of technology and hi-tech parks.” “China's high-tech industry is growing rapidly, and both countries have many opportunities to work together.”

“Reducing import dependence is a crucial element of Pakistan's long-term economic strategy. The emphasis on domestic production signifies a concerted effort to fortify the nation's industrial landscape. “By leveraging China's technological expertise, Pakistan aims to not only meet its immediate manufacturing needs but also to cultivate its own capabilities. This strategic shift from importing finished products to nurturing a robust domestic manufacturing sector is poised to have far-reaching effects,” he viewed. He said, “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 customs duty exemptions for plants and machinery, both for the developers and zone enterprises".

He emphasized that the implementation of comprehensive skill development programs was crucial to ensuring that the Pakistani workforce was well-prepared to leverage advanced technologies effectively. This should involve a multi-faceted approach that addresses various aspects of skill enhancement, with the primary focus on operating and maintaining state-of-the-art machinery. Talking to WealthPK, Senior Vice Chairman of Pakistan Engineering Council (PEC) said, “In the dynamic landscape of global trade and technology, Pakistan is strategically positioning itself to tap into China's reservoir of technological prowess.” “The PEC and China Association for Science and Technology (CAST) have signed many (MoUs) to establish bilateral cooperation and exchange mechanisms for engineering capacity-building, improvement in the quality of engineering education and talents, and facilitation in the mutual recognition of engineers from both countries, based on the principle of mutual benefit and win-win situation.”

Credit: Independent News Pakistan (INP)