Gone were the days when Pakistan was considered a highly volatile market for investment, and this drastic change in the investors’ mindset can be attributed to the advent of CPEC as it played a major role in positioning the country as an attractive destination for international investors. “Chinese companies are considering shifting their industrial units to Pakistan,” said Federal Minister for Commerce and Textile Pervaiz Malik on Saturday.
He made this statement at the inauguration ceremony of the First China Electrical and Mechanical Machinery Exhibition 2017. He added that PKR 180 billion package is currently being reviewed by his ministry. “Actually the package is being reviewed to remove certain issues in it before it could be implemented in true letter and spirit,” he explained.
The three-day expo attracted as many as 200 Chinese businesspersons, representing several industrial units manufacturing electrical, mechanical and other sorts of machinery, including electric automobiles.
“The response of Pakistani manufacturers, distributors and general customers to our products is really amazing,” Marketing Director of the Changzhou Keytech Vehicle Company Limited, Jack Xie said while speaking with Dawn. “So keeping in view the feedback, we are considering to also establish our industrial unit in Pakistan so as to offer our goods to Pakistanis on rates cheaper than China.”
Moreover, according to the organizers of exhibition – Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) and the E-commerce Gateway – the exhibition was first of its kind as it managed to attract Chinese investors to Pakistan.
“The idea to bring investment in machinery manufacturing had actually been floated in the Beijing Conference last year in which it was decided to relocate Chinese manufacturing facilities to Pakistan,” Mr Xie added. He also said that the event has made it possible for Chinese firms to find joint venture partners in Pakistan. Many local firms are also participating in the event.
According to the organizers, over 10,000 people – including Chinese and Pakistan’s top level entrepreneurs, businessmen, and investors participated on the first day of the expo.