China’s ‘Li and Fung’to invest in Pakistan

F.P. Report

LAHORE: Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman MianKashifAshfaq Friday said Li and Fung, one of the biggest Chinese buying company expressed its willingness and evinced keen interest for business collaboration and investment in multiple sectors of Pakistan including FIEDMC to strengthen and promote bilateral relations on sound footings.

FIEDMC Chairman MianKashifAshfaq disclosed this after week long successful tour to Shanghai in China-Pakistan Vendor Summit while talking to media here today. MianKashif said a high profile Pakistani delegation included Ahmad Nawaz Sukhera Federal Secretary, Ministry of Commerce, Board of Investment, TDAP, FIEDMC and leading industrialists held very successful meetings with Li and Fung Chief Operating Officer Wilson Zhu and both the sides agreed to explore investment opportune ties to strengthen further mutual relations.

MianKashifAshfaq said in rapidly changing world scenario especially in wake of US-China trade conflict, the Chinese government has directed its companies to set up industries in Pakistan or start Joint Ventures (JVs) to exploit world market and this is very good omen for the economy of the country. He said the good thing is that the government is taking steps to ensure that a business-friendly environment is provided to foreign investors and to improve the ease of doing business in Pakistan

He further said during their meeting with Wilson Zhu, he was of the opinion that Pakistan was making good progress and creating new prospects for foreign investors.

He said in terms of development, Pakistan was at a similar stage where China was 25 years ago that showed that Pakistan was emerging as a good market for foreign investors. “Both sides agreed to further expand and deepen their collaboration including in the areas of new and emerging technologies, nanotechnology, biotechnology, ICT, which can contribute to improved living standards through their applications in the fields of health, agriculture, water, energy and food security,” he added.

FIEDMC Chairman MianKashif further said the purpose of visit was to explore possibilities of JVs and investment in areas of interest. He said the delegation held meetings with the Chinese officials as well that confirmed that Pakistan was a big market for Chinese entrepreneurs.

He said more Chinese investors would be lured to visit Pakistan to explore business opportunities in this attractive market.

He said that Pakistan is now open to 175 countries around the globe which is a milestone achievement of the present government. “Pakistan has come out of the critical situation because of the untiring efforts of the Prime Minister Imran Khan,” adding he said the foreign investors are taking keen interest for investment in Pakistan. China, Qatar and Saudi Arabia have also expressed willingness to invest in Pakistan.

Throwing light on his participation in China-Pakistan Vendor Summit, MianKashif said several bilateral meetings and visits are expected to flow from it in the very near future. “I feel strongly that the conference was a solid first step towards establishing a B2B contact with the Chinese industry. However, it was just a step and we will have to take many such steps in future to bring our efforts to fruition in the shape of JV’s between Pakistani and Chinese companies,” he added.

Officials of Board of Investment and Trade Development Authority of Pakistan also shared their views with their Chinese counterpart and were hopeful in attracting them for direct investment in Pakistan.

Chief Operating Officer FIEDMC AamirSaleemi also accompanied the delegation.