China is set to relocate its labor-intensive industries to Pakistan to reduce production costs. Shehbaz Sharif approved the joint venture between Chinese and Pakistan companies regarding the transfer of Chinese industries to Pakistan few weeks ago.
He was chairing a meeting in Islamabad today to review progress over agreements made during his visit to China and gave remarks that shifting Chinese industries to Pakistan will improve the economy, create new employment opportunities, and increase exports. He further said that promoting investment was his government’s top priority. The Prime Minister said no delay will be tolerated in the implementation of MoUs on cooperation with China. Shehbaz Sharif said China is a friend of Pakistan who has helped in every difficult situation and is determined to invest more in Pakistan.
A comprehensive road map was presented for the transfer of Chinese industries in Pakistan under which partnerships will be signed with Chinese companies for shifting China’s textile, plastic, leather medical, and surgical equipment industries to Pakistan. The board of investment reported that seventy-eight Pakistani companies have shown their interest in cooperating with Chinese companies.
The Prime Minister appreciated the steps and recommendations of the Board of Investment and directed relevant authorities to facilitate Pakistani companies’ collaboration with Chinese companies.
