ISLAMABAD, July 20: New avenues of cooperation are being explored between Pakistan and China to enhance investment in various sectors of economy, particularly in engineering and manufacturing.

This was agreed during a meeting of the Chinese economic cooperation group led by Mr Gon Husheng, vice-president China International Engineering Consulting Corporation (CIBCC) with Director General of Board of Investment, Talat Miyan here on Thursday.

The 11-member Chinese team comprised representatives from diversified sectors such as IT, energy, agriculture and forestry, water conservation and petro-chemistry.

Talat Miyan in his briefing to the delegation highlighted the increase in FDI inflow from China and said that it had reached up to $100 million and by now more than 50 Chinese companies were engaged in business in Pakistan and the trade between the two countries was around $3 billion, he added.

The BOI official further said that it was quite encouraging that an exclusive industrial zone for China was under process that will house only Chinese companies.

The Chinese delegation informed the BOI that China was now looking for expanding its investments abroad. Given the geographical location, cheaper cost of production, economic reforms, liberal investment policies, abundant human resource and above all a local market of 150 million people, Pakistan is an ideal place for China to invest in.

They also expressed gratitude to the supportive role of the government of Pakistan, and pointed out that the Chinese companies established in Pakistan were greatly facilitated by the government, especially Board of Investment and this had encouraged more Chinese companies to consider investment in Pakistan.

—APP