KARACHI, Jan 2: Although during the last three years, investment from China has registered a significant increase, still there is ample scope for raising its volume.

This was stated by Haroon Farooki, President of the Karachi Chamber of Commerce and Industry, during a meeting with an eleven-member delegation from Yiwu, China, led by Lou Guohua, party secretary, CPC Yiwu Committee, held here on Monday.

Mr Farooki said that Pakistan had witnessed an impressive economic growth and offered a very attractive package for foreign investment. “The package makes no distinction between local and foreign investors who are allowed to repatriate capital and profit.”

Also, the strategic location of Pakistan, particularly that of Karachi, and availability of skilled manpower at cheaper rates are added attraction for investment, specially in oil, gas, IT, telecommunication, engineering, infrastructure and agro-based industries, he adds.

The KCCI president while reviewing the two-way trade says Pakistan’s exports to China, which were $288.1 million in 2003-04, have now increased to $354.2 million in 2004-05, whereas the imports have risen from $1,144.8 million to $1,842.9 million during this period. “The balance of trade continues to be against Pakistan and the volume of trade does not commensurate with the actual potential, which could be expanded through joint efforts and cooperation,” he stressed.

He said that China, following its entry into the WTO, was passing through the phase of restructuring of its booming economy and moving towards privatization. “We look forward to their enhanced cooperation in the private sector, as they have already helped in setting up some basic and infrastructure projects in the public sector.

“We must cooperate more in the textile sector to avoid competition abroad, in the wake of dismantling of the Multi-Fibre Agreement (MFA) to the advantage of both the countries,” he opined.

The chamber chief believed that more exchanges of trade delegations, individual’s visits of businessmen and officials, holding of single-country exhibitions to each other’s country, combined with joint ventures and better travelling facilities would lead to a rapid expansion in bilateral trade as well.

He invited Chinese entrepreneurs to participate in the KCCI’s next “My Karachi” exhibition in July 2006. He also assured the Chinese delegation of the chamber’s full support and cooperation.

Lou Guohua said the meeting had provided him an opportunity to understand and exchange views with the local business community. He said that Karachi being the industrial and commercial hub of the country was the ideal place for investment in Pakistan.

He said the purpose of the visit was to introduce Yiwu city as the international market place where more than 32,000 items from 150 countries of the world were available for trade.—APP