ISLAMABAD: Minister for Privatisation and Investment Abdul Aleem Khan told the International Fair for Trade and Services in Beijing that establishing or shifting industries to Pakistan is 70 per cent cheaper than North America and Europe.

In a virtual address at the China International Fair for Trade in Services (CIFTIS) on Saturday, the minister highlighted investment opportunities in agriculture, livestock, food processing, and minerals. “Chinese investors should benefit from the best opportunities like special economic zones, export processing zones and Gwadar free zones,” he added.

Themed “Global Services, Shared Prosperity”, the eight-day CIFTIS 2024 opened on Sept 12, at the China National Convention Centre and the Shougang Park in Beijing, has been expanding its “circle of friends” in recent years.

Since 2020, the fair has showcased more than 480 new achievements from over 300 domestic and international entities, fueling innovation and bolstering industrial and supply chains.

Highlights opportunities for Chinese investors

The minister noted that Pakistani companies are getting opportunities to increase business-to-business activities from China. More than 2000 companies from 107 countries around the globe are participating in the international fair in Beijing, while from Pakistan 150 entrepreneurs are part of the grand event.

He lauded the participation of Pakistani companies in the expo and said that the eternal history of friendship between China and Pakistan is getting stronger with time. “This international event will be an excellent opportunity and a positive step for investment with great expectations,” he remarked.

Following the prime minister’s visit to China in June, he said there has been a breakthrough for bilateral investment and business development in Pakistan, which will be carried forward positively.

He indicated that under CPEC, transport, infrastructure, energy, and communication in Pakistan have developed visibly, and significant improvements have been made in these sectors.

Chinese President Xi Jinping, in a message on the opening of CIFTIS, said that China is ready to work with all countries to jointly share opportunities, discuss cooperation and promote development in line with the general trend of economic globalization, to contribute to promoting global economic growth and the well-being of the people of various countries.

The CIFTIS, having been successfully held for 10 years, is a vivid portrayal of the high-quality development of China’s service industry and service trade, making positive contributions to building an open world economy, Xi Jinping said.

He said China will promote high-quality development via high-level opening up, improve institutions and mechanisms for high-level opening up, innovate and upgrade trade in services, actively align itself with high-standard international economic and trade rules, promote interoperability and compatibility of rules, regulations, management and standards in the service sector, open its service market wider to the outside world in an orderly manner, enhance the functions of the service sector and service trade as platforms of opening up, and forge a market-oriented, law-based and internationalised business environment.

Published in Dawn, September 15th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

From hard to harder

From hard to harder

Instead of ‘hard state’ turning even harder, citizens deserve a state that goes soft on them in delivering democratic and development aspirations.

Editorial

Canal unrest
Updated 03 Apr, 2025

Canal unrest

With rising water scarcity in Indus system, it is crucial to move towards a consensus-driven policymaking process.
Iran-US tension
03 Apr, 2025

Iran-US tension

THE Trump administration’s threats aimed at Iran do not bode well for global peace, and unless Washington changes...
Flights to history
03 Apr, 2025

Flights to history

MOHENJODARO could have been the forgotten gold we desperately need. Instead, this 5,000-year-old well of antiquity ...
Eid amidst crises
Updated 31 Mar, 2025

Eid amidst crises

Until the Muslim world takes practical steps to end these atrocities, these besieged populations will see no joy.
Women’s rights
Updated 01 Apr, 2025

Women’s rights

Such judgements, and others directly impacting women’s rights should be given more airtime in media.
Not helping
Updated 02 Apr, 2025

Not helping

If it's committed to peace in Balochistan, the state must draw a line between militancy and legitimate protest.