BEIJING, Nov 5: Pledging an all out cooperation to Chinese investors in identifying the right business opportunities in Pakistan, President Pervez Musharraf on Tuesday said land and utilities would be provided as soon as agreement was reached with prospective developers and investors for exclusive setting up China economic zone.

The president also outlined a number of incentives being offered for investment in Pakistan’s favourable climate at a business conference attended by over 500 Pakistani and Chinese entrepreneurs.

“We are offering to Chinese investors an exclusive economic zone, which they can set up anywhere in the country, and where only Chinese investors can invest together with their joint venture Pakistani partners,” he stated at the conference where Pakistani and Chinese businessmen signed joint ventures amounting to $220 million.

He said sectors of textile, oil and gas, telecom, agriculture, engineering, building materials, chemicals and minerals were suitable and profitable for Chinese joint ventures.

Recounting a series of positive economic indicators he invited Chinese investors to visit Pakistan and see for themselves the improvements brought about in the business climate in the last few years. “Foreign investors are allowed to hold 100 per cent ownership, they enjoy generous tax concessions, foreign investment is fully protected under the Law with no bar on repatriation of capital and profits,” the president added.

“Likewise, payments of royalty, technical and franchise fee are also allowed without restrictions. Let me assure you that Pakistan’s investment policy provides equal treatment to both local and foreign investors.”

Referring to the economic cooperation between the two countries, President Musharraf said the volume of bilateral trade was about $2 billion and noted that this cooperation had incidentally been in the public sector.

He said, although rising, investment from China was so low that it was reflective of neither the potential of Chinese growing private sector and nor the opportunities available in Pakistan. However, he said, it was heartening that over 40 private companies from mainland China had now established their presence in Pakistan.

Pakistan and China have both expertise in textiles and can benefit by jointly accessing markets in the OECD countries.

“Our textile sector is quite developed and with Chinese investment we can make it more competitive and thus mutually beneficial.”

On the privatization programme, he said, it was transparent and offered highly profitable investment opportunities in oil and gas, banking, power generation and distribution and gas transmission and distribution sub-sectors.

Pakistan will be too happy to facilitate Chinese investment in the oil and gas sector. The IT sector also affords tremendous business opportunities, he added.

—APP