LAHORE, Dec 30: Punjab can be developed as a manufacturing hub of Pakistan with large industrial complexes with export potential to India, Middle East, Iran and landlocked Central Asian States, Islamabad Foreign Journalists Association President Prof Zhou Rong said here on Tuesday.

Talking to Lahore Chamber of Commerce and Industry (LCCI) President Mian Muzaffar Ali, Rong said globalisation provided Chinese investors an opportunity to relocate their large scale industry. Pakistani businessmen should convince their counterparts in China to make investment in their resource-rich country.

He said China, with a GDP of $2 trillion, foreign direct investment of $52.4 billion and overseas investment of $25.7 billion, could help Pakistan get an economic boost. It could also help upgrade the agriculture sector of Pakistan.

The LCCI president said he hoped the Free Trade Agreement with China would help increase the volume of bilateral trade to $15 billion in next five years. Balance of trade was heavily in favour of China at present. He said the government had prepared a special incentive package for Chinese companies under Special Economic Zones with exemption of custom duties (on import of machinery/equipment), income tax and sales tax.

He said coal mining, power generation, machinery, chemicals, building materials, textiles, synthetic fabrics, electronics, leather, paper and paper products and foodstuffs could be areas for Chinese investment and joint ventures in Pakistan.

The possibilities of joint ventures for ‘halal’ meat production and export to Muslim countries would be the most promising propositions for Chinese investors.

LCCI representatives Shahid Hassan Sheikh, Aftab Ahmad Vohra and Siddiqur Rehman Rana were also present.