960406

Chinese trade team

interested to invest

in various projects

RECORDER REPORT

ISLAMABAD: The visiting 33-member Chinese delegation has shown interest for investment in Pakistan in the fields of metal, power generation, industrial machinery, equipment, electrical machinery, electrical goods, appliances and parts, pharmaceutical products, chemical materials and products, transport vehicles and transport equipment.

The delegation of China Council for Promotion of International Trade (CCPIT) led by An Chengixin, on Saturday held talks with Federal Minister for Industries and Production Brig (Retd) Mohammad Asghar, Chairman Board of Investment (BoI) Syed Safdar Abbas Zaidi and members and president of the Rawalpindi Chamber of Commerce and Industry (RCCI).

The chairman CCPIT An Chengixin, during the meeting with chairman BoI, said that his team was highly impressed by the investment package offered by Pakistan and expressed the desire to take full advantage of the deregulated, liberalised and highly transparent market economy of Pakistan.

The chairman BoI briefed the visiting delegation about the investment regime offered by Pakistan and said that Pakistan offered 100 percent equity, repatriation of profits, dividends and capital.

Federal Minister for Industries and Production Brig (Retd) Mohammad Asghar during the meeting with Chinese delegation said that there are vast and bright prospects of further cooperation and technical assistance in major fields especially in the heavy and light engineering sector.

He said that Sino-Pak friendship is time tested and growing strong day-by-day on account of closer cooperation in different fields. Heavy Mechanical Complex (HMC), Heavy Electrical Complex (HEC) are the best example of mutual cooperation, he added.

The visiting high-powered Chinese delegation comprises a number of different firms and enterprises, aimed at exploring more vistas of joint ventures and mutual cooperation in different economic sectors.

Chairman State Engineering Corporation, Dr. Akram Sheikh, Joint Secretaries of ministries of industries and production and Chinese ambassador to Pakistan were also present during the meeting.

Earlier the visiting delegation held a meeting with Rawalpindi Chamber of Commerce and Industry (RCCI) where both sides discussed measures to promote bilateral trade and investment.

The meeting agreed that there existed great potential for the development of trade and economy between China and Pakistan and that each party can be the other party's potential market for trade, investment, economic and technical cooperation.

The RCCI and CCPIT also expressed their willingness to exchange trade delegations to encourage trade organizations to open business offices and trade points in each others countries. The meeting's participants also agreed to offer market business, tourism information and to actively introduce trade and investment cooperation in the days to come.

Welcoming the Chinese delegation chamber's President Sheikh Muhammad Shabbir said, with fraternal relations between Pakistan and China there exist tremendous opportunities for the development and promotion of bilateral trade and economic cooperation between Pakistan and China, on the basis of mutual understanding, trust and friendship.

He said, the volume of trade between Pakistan and China has been increasing progressively over the past several years. In 1993-94 Pakistan exported goods worth Rs 21819 million to China and imported goods worth Rs 13242 million. In 1994-95, Pakistan's exports to and imports from China increased to Rs 27961 and Rs 14131 million, respectively, which clearly presents an encouraging picture of trade promotion between the two brotherly countries, he maintained.

In his address, An Chengixin, Leader of the CCPIT delegation thanked the RCCI for according warm welcome and said, his mission was keen to enhance the trade and economic relations with Pakistan.

He said, Pakistan is now on road to economic and industrial prosperity. Pakistan and China enjoyed the status of important trading partners and were collaborating with each other in several investment and engineering projects. With the political government in power, the economic era was bound to flourish in the days ahead. Pakistan and China, being the developing countries have several common interests. The traders and investors from China were keen to cooperate with their counterparts in Pakistan so as to ensure each other's prosperity.