Pakistan & China are ‘All Weather Strategic Cooperative Partners’, time tested friends & share a deep-rooted bond & a strong commitment to further strengthening our economic ties: Ishaq Dar

BEIJING, May 16 (SABAH): Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar at his opening remarks at the Pakistan China Business Roundtable said, “It is my great pleasure to be addressing some of the most enterprising business executives of China at this roundtable meeting. I deeply appreciate your presence here, as we strive to strengthen the bonds of bilateral cooperation and invite you to explore the vast investment opportunities in Pakistan.”

 “Pakistan and China are ‘All Weather Strategic Cooperative Partners’, time tested friends and share a deep-rooted bond and a strong commitment to further strengthening our economic ties. We have stood by each during the most challenging times and will continue to work hard to enhance our cooperation to achieve more win-win outcomes,” he noted.

 He further said, “While our two countries have shared longstanding bonds of friendship and cooperation, a new impetus was given to our bilateral relationship with the launch of the China-Pakistan Economic Corridor (CPEC), a flagship project of the Belt and Road Initiative (BRI). Launched in 2013, the CPEC ushered in a new era of economic collaboration with its focus on infrastructure development and energy projects, to meet some of the most pressing socio-economic needs of Pakistan at that point in time. CPEC has truly been a transformative project for Pakistan as well as for China Pakistan relationship as under its umbrella our two countries have been making successful efforts to translate our iron clad political relationship into a robust economic partnership.”

“As we enter the second phase of China Pakistan Economic Cooperation (CPEC), the role of Chinese State Owned Companies and private sector enterprises is becoming increasingly vital in our bilateral economic agenda. This phase marks a transition to industrial cooperation, in which the participation of Chinese SOE’s and private companies will be instrumental in driving economic growth, transfer of technology and job creation in Pakistan. Their expertise, resources, and investment will help catalyze the development of special economic zones, industrial clusters, and other economic initiatives, which are critical to the success of CPEC’s second phase,” he remarked. 

 He said, “Pakistan offers a diverse range of investment opportunities across various sectors including infrastructure, energy, agriculture, food processing, information technology, electronics, gadgets and home appliances, labor intensive sectors and manufacturing. I am pleased to note that companies and organizations present here today belong to our priority sectors.”

 He said, “With our strategic location at the crossroads of Central Asia, South Asia, and the Middle East, abundant natural resources, and a skilled and competitive workforce, Pakistan presents a highly conducive environment for investment and trade. We also enjoy preferential market access to major economies such as the European Union, Gulf Cooperation Council (GCC) countries, and China under the China-Pakistan Free Trade Agreement (FTA). This means that goods produced in Pakistan with a minimum value addition get the Pakistan origin status, qualifying them for zero customs duty in these vast and lucrative markets.”

He further said, “This provides a significant competitive edge to goods manufactured in Pakistan, underlining an attractive proposition for foreign investment and trade. The Government of Pakistan offers lucrative incentives at our Special Economic Zones, Export Processing Zones, Gwadar Free Zone and Special Technology zones. We also have special sectoral incentives for priority sectors, including export facilitation scheme for export oriented sectors, which enables acquisition of input goods without duties and taxes.”

 He said, “I am also aware that our Chinese brothers are facing trade barriers driven geo-political reasons. With Pakistan’s economic endowments, favorable policy framework and preferential market access, our two countries can foster synergies, especially in the process of industrialization of SEZ’s in Pakistan, to mitigate these challenges for mutual benefit and win-win outcomes.”

He noted, “Our government has strong history and proven track record of being staunchly pro-business and I myself have spearheaded numerous business-friendly initiatives in the public sector. We are eager to inject new energy to the business to business (b2b) collaboration between China and Pakistan. To further accelerate this process, the Prime Minister of Pakistan constituted a Special Cabinet Committee on Chinese Investment Projects in March this year, dedicated to streamlining and facilitating Chinese investment in Pakistan. This committee aims to create a more conducive environment for Chinese investors, ensuring a smoother and more efficient experience for all stakeholders involved.”

 He remarked, “Another landmark initiative has been the establishment of Special Investment Facilitation Council (SIFC).  Led by the Prime Minister himself, SIFC provides a one window-facilitation to international investors through an inclusive whole of the government approach. It is aimed at capitalizing on Pakistan’s untapped potential in key sectors of defense production, agriculture, mining, information technology (IT) and energy through domestic and foreign investments.”

 He said, “Let me take this opportunity to assure you about the fool proof security measures taken by the government of Pakistan for the safety and security of our Chinese brothers and sisters. The sanctity of the lives of our Chinese brothers and sisters is as paramount as that of the lives of our Pakistanis. We have put in place a comprehensive security framework in this regard, providing equal and robust security to both CPEC and non-CPEC projects.”

 “I also wish to reiterate that friendship with China is the cornerstone of Pakistan’s foreign policy and safeguarding Chinese brethren, projects and institutions in Pakistan our top priority. There is absolute unanimity in Pakistan on our exceptional relationship with China. But we are confronted with our common detractors who wish to sabotage our friendship. But i must reassure you today that we will not let them win,” he added. 

 He said, “I encourage you all to explore the vast business potential that Pakistan has to offer and to leverage the opportunities available. Let us work together to create an even more mutually beneficial partnership that will contribute to the prosperity of both our nations.”