Pakistan suits Chinese companies going global as destination

Ambassador Masood Khalid addresses businessmen duirng Pakistan Business Forum at the Embassy of Pakistan in Beijing, 9th Oct. 2014. [Provided for chinadaily.com.cn]

The Pakistan Business Forum co-organized by the Pakistan Embassy and the Top 500 Foreign Trade Enterprises Club, was held at the Pakistan Embassy in Beijing on Thursday. It was attended by about one hundred Chinese businessmen.

Ambassador Masood Khalid while addressing the businessmen highlighted Pakistan's liberal business and investment system, describing it as the destination of choice for the Chinese investor.

Inviting Chinese companies, seeking to go global, to Pakistan, he said that Pakistan was well placed on international index in terms of ease of doing business and the policies were most suited to Chinese investors.

Ambassador Khalid said that concessions on income tax, repatriation of dividends and complete autonomy on using 100% equity had incentivized investment in the country to a large extent. Ambassador Khalid said that the policies were particularly attractive to the Chinese, as being good neighbors and 'iron brothers', the Chinese nationals working in Pakistan were accepted as trusted partners and both countries had a solid architecture for promoting economic cooperation in the form of a free trade agreement, joint cooperation committee on economic corridor, joint economic committee, joint investment company, currency swap agreement, financial and banking cooperation among other areas.

Khalid said that Chinese businessmen could particularly look at Pakistani textiles, agriculture, leather, stone and marble, minerals, fisheries, fruits, dairy and oil &gas sectors for their investments. He invited them to explore the potential of the Pakistani market where multinationals were making good profit and 12 to 13 thousand Chinese were already working on projects in Pakistan. He said that trade volume that was $ 10 billion in 2011 had crossed the figure of $ 14 billion last year.

He also informed and invited the Chinese investors to an International Investment Conference in Islamabad to be held on 27-28 October. 2014, as an ideal opportunity to meet the business community to discuss business opportunities.

The Chinese entrepreneurs shared their views on the encouraging investment scenario in Pakistan. Among other areas they appreciated the sound legal system, its awareness and robust laws in the investment areas, the high level of transparency where policies and laws were made after thorough deliberation and involvement of relevant stakeholders.

The businessmen pointed out that in the power sector, the regulator's and national grid's websites provided a plethora of useful information for market research by any potential investor wanting to enter the Pakistani market. They also mentioned the high quality of international level talent and services. In addition, financial, legal and technical consultants were readily available locally, they pointed out.

The Executive Chairman Zhao Yan of Top 500 Foreign Trade Enterprises Club said that under the joint efforts of the governments and enterprises trade between China and Pakistan had increased rapidly and would maintain strong momentum.

Ambassador Khalid thanked the participants and particularly the executive Chairman Zhao Yan, and other members of the of Top 500 Foreign Trade Enterprises Club for their support in organizing the event and hoped that the interaction would be productive in the wake of major economic initiative of the China-Pakistan Economic Corridor underway between the two countries.