China urged relocating labor-intensive industries to Pakistan

Karachi

Karachi:Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged China to relocate its labor-intensive industries to Pakistan.

In a statement, Engr. Daroo Khan Achakzai, president FPCCI, emphasized that being an important partner; China should also relocate its labor intensive industries in SEZs of Pakistan and include Pakistan in its supply chain of finish goods exports. Moreover, he stressed on joint venture investment in agriculture, manufacturing, corporate farming and construction sector with local investors of Pakistan in adjunct of CPEC.

However, Engr. Daroo Khan Achakzai, left for China on the invitation of CCPIT to attend the 2nd Belt and Road Forum for International Cooperation (BRI) and Belt and Road CEO Conference which will be held in Beijing, China from April 25-28, 2019.

The Belt and Road initiative (BRI) launched by the Chinese Premier Mr. Xi Jinping in 2013 is an initiative for international economic cooperation which will also be addressed by Prime Minister of Pakistan Mr. Imran Khan. It is expected that second phase of Pak-China FTA will be signed during the visit of Prime Minister.

Daroo Khan appreciated the efforts of Ministry of Commerce for getting additional market access for Pakistani products and tariff rates equal to ASEAN on 313 Pakistani products. He also emphasized on the protection of Pakistan local industries and removal of under invoicing through regular share of trade data with Pakistan’s Custom Authority.

At present, there is 36% data discrepancy between both nations’ trade statistics, he said.

He also urged Pakistan’s exporters to utilize this additional market access efficiently and bring technological advancement in their products for getting benefits of Pakistan China FTA.