LAHORE, Jan 12: Outgoing Chinese ambassador Zhang Chunxiang has said China is ready to share the technology of newly-developed colour cotton variety with Pakistan and can offer transfer of wind and solar energy technologies for overcoming power shortage problem impeding its economic growth.

Speaking during his farewell visit to the Lahore Chamber of Commerce and Industry here on Friday, he said China was ready to transfer technologies to Pakistan because it gave special preference to it in all fields, including trade. It was the first with which it signed a free trade agreement (FTA) in South Asia. First of the eight special economic zones being established by China outside its territory was being established near Lahore.

He said he would discuss ways and means for increase in volume of bilateral trade between China and Pakistan which was expected to double every year as a result of FTA. Pakistani businessmen should not only take advantage of free access to Chinese market and increase their exports but also negotiate with Chinese entrepreneurs interested in starting joint ventures in Pakistan.

Mr Chunxiang said Chinese airlines were negotiating for operating flights from important cities of Pakistan to destinations in China. The PIA had also been approached to increase direct flights to major Chinese destinations.

He said the prices of Chinese products were low not because of inferior quality but owing to economies of scale and availability of cheap labour. He dispelled the impression that energy cost in China was lower than Pakistan. The energy cost was either equal to Pakistan or a little higher.

LCCI acting president Yaqoob Tahir Izhar said a significant increase was expected in Chinese investment in the province in near future. The provincial government had provided 500 acres in Faisalabad to China National Power Limited for developing an industrial area with a 50MW power project. An exclusive Chinese Industrial Park was also being developed at Lila near Rawalpindi.

He said a number of Chinese companies had also shown interest in manufacturing tri-wheelers and buses in Pakistan. The Chinese companies could also manufacture their products in Pakistan for export.

Former LCCI president Mian Shafqat Ali highlighted the significance of Jinagsu-Punjab Chinese Chamber of Commerce and Industry established on the initiative of Punjab Chief Minister Pervaiz Elahi for increasing economic cooperation with China.

Another former LCCI president Mian Anjum Nisar raised the issue of under-invoicing of Chinese products. The ambassador promised to address the problem in the light of agreement already existing between China and Pakistan.