Friday, April 23, 2021

Chinese Companies To Relocate Factories To Pakistan Under CPEC Project

Several Chinese organisations have shown enthusiasm to relocate their industrial units to Pakistan in the second phase of industrialisation under the China-Pakistan Economic Corridor (CPEC) according to media reports.

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Chinese manufacturing units of textile and leather would be relocated to Faisalabad. Chinese company Long March International would also set up a tyre manufacturing plant in Pakistan, revealed advisor to PM Imran Khan – AR Dawood while addressing a press conference, along with Chinese Ambassador to Pakistan Yao Jing, on Friday.

“We have not given attention and the Chinese industry has been relocated to the Far East, Ethiopia and Egypt. We should grab the opportunity this time around,” the PM adviser emphasised.

He said the government would prefer the Chinese companies forming joint ventures with Pakistani companies. Earlier, they were focused on imports. “Shifting and trading ‘Make in Pakistan’ products is our priority to increase exports,” he said.

“If Chinese companies do not enter into joint ventures with Pakistani companies, we will allow them 100% ownership,” he said, adding the relocation of Chinese industrial units would create job opportunities and enhance skills of local people.

Pakistan is eagerly awaiting the benefits of relocating the Chinese industry to Pakistan in the second phase of industrialisation under CPEC, which will help increase exports.

China has also expressed its willingness to relocate its industrial units to Pakistan. It wants Pakistan to make policies more attractive for investors in order to address the challenges of the next phase of industrialisation.

Speaking on the occasion, Chinese Ambassador Yao Jing said if policies were good and attractive, challenges would be less. Pakistan had streamlined its visa policy but the process of obtaining the visa was too long.

Chinese giant Li Fung, having a value of $60 billion and operating in 50 countries, produces goods on behalf of suppliers. It is currently placing an order with Pakistan worth $100 million and plans to enhance it to $1 billion later this year.

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