ISLAMABAD, June 18: Prime Minister Syed Yousuf Raza Gilani said on Wednesday that the government would extend all possible help to establish the first-ever Chinese Overseas Economic Zone in Pakistan which would be yet another landmark in the all-weather friendship between the two countries.

He was talking to Lu Keng, Chairman, Haier Group, and Haji Koch Mohammad, Chairman, Ruba Group, who called on him here at his chamber in Parliament House here. Chinese Ambassador to Pakistan, Luo Zhao Hui was also present.

The prime minister said Pakistan welcomes the Haier-Ruba joint venture and the government would encourage more joint ventures to promote economic cooperation between the two countries.

Joint ventures between the private sectors is the best way to promote trade and investment between our two countries, he added.

Mr Gilani said that foreign investment is fully protected in Pakistan and all economic sectors are open to foreign direct investment.

Pakistan makes no distinction between local and foreign investors, as 100 per cent foreign equity, remittance of royalty, profits and dividends are allowed under Pakistani laws, he said.

The Haier Group chairman informed the prime minister that Chinese entrepreneurs are keen to invest in Pakistan and the establishment of the special economic zone (SEZ) would go a long way in facilitating Chinese investment in Pakistan. He said that the Haier Ruba has already brought in an initial investment of $35 million.

He also gave an overview of the SEZ to the prime minister, which he said would comprise an industrial park, a science and technology park, supply chain industry, a skill development centre and a research and development centre.

The special economic zone is being established under the Free Trade Agreement (FTA) between Pakistan and China and all goods manufactured in this zone have tariff-free entry into Chinese market which would boost country’s exports.

The meeting was also attended by Hina Rabbani Khar, Special Assistant to PM, Principal Secretary to PM, Secretary Board of Investment and Secretary Industries.