Industrialisation plays a crucial role in the economy as it helps countries break the vicious cycle of poverty. It allows countries to make optimal use of their resources, increasing the quantity and quality of domestic goods which promotes a country’s Gross National Product (GNP). An industrialised society generates numerous job opportunities, promoting high productivity and increasing an individual’s income which directly raises the standard of living in the country. Promoting industrialisation in a country like Pakistan which is majorly dependent on the agriculture sector for enhancing its economic growth will decrease its dependency on a single sector and expedite the rate of economic growth.
However, for increasing the pace of industrialisation in Pakistan, the government needs foreign assistance in its industrial sector. In this context, China has announced to increase the business-to-business engagement for industrial growth in Pakistan. It includes the development of industrial parks, transfer of technology, and capacity building of human resources. Industrial parks are zoned and planned areas with the purpose of developing specific industries inside them. With the development of industrial parks, several job opportunities will be generated which will help raise the standard of living of ordinary people. A developed industrial sector promotes the export of domestic goods which helps to improve the balance of payments. These industrial parks also attract foreign investment, increasing foreign reserves in the national treasury.
To push economic ties to new highs, China has also announced to provide support in various sectors of the economy including agricultural technology, social sector, training of manpower, livestock and tourism that needed to be enhanced to utilise the real potential. Recently, China has also reaffirmed its support to enhance economic and defence cooperation in Pakistan. In addition, it has also made a significant contribution to Pakistan’s IT sector development.
China has been a longstanding development partner of Pakistan that has contributed to deepening its cooperation in industrial and other areas of the country to boost the driving force for Pakistan’s economic development and resilience. Furthermore, Pakistan has termed the Pak-China friendship a cornerstone of its foreign policy and a strategic priority. Over the years, the Pak-China friendship has flourished from strength to strength and remained unaffected by the regional and global environmental changes.
Leave a Reply