The sixth meeting of the Joint Working Group on Industrial Cooperation between Pakistan and China reviewed progress on special economic zones of the China-Pakistan Economic Corridor (CPEC). It showed interest to strengthen business-to-business (B2B) collaborations at the provincial levels between both countries. The National Development and Reform Commission (NDRC) of China is committed to taking forward the Framework Agreement to collaborate with Pakistan’s provincial Board of Investments (BoI) for joint efforts to bring in meaningful foreign direct investment and strike B2B ventures.
China Geological Survey and Metallurgical Corporation showed keen interest in the mining sector of Pakistan and presented their proposals for collaboration in the concerned sector. The provincial BoI also presented a proposal for establishing a CPEC tower and a Special Economic Zone in the federal capital for government-to-government linkages.
Such industrial cooperation will attract foreign direct investment (FDI), promote industrialisation, and develop economic zones. It will also increase labour productivity in Pakistan, enhance industrial competitiveness, increase exports, and sustain diversification in the export basket. Moreover, it will allow foreign investors to invest with 100% equity in various fields as repatriation of investment and profit has been allowed with legal protection. Foreign investment enhances prosperity in the country, improves business to business cooperation and reduces the burden of loans. It also boosts the economic wealth of Pakistan, increasing its rank within the world indexes of prosperity and success.