The building of Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) has accelerated because the products manufactured by Pakistan's textile, leather, pharmaceutical, and surgical tool sectors are among the best in the world. These opinions were voiced by S.M. Naveed, the chairman of the Punjab government's Special Economic Zones (SEZs), during a meeting of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI). According to S.M. Naveed, a large-scale transfer of China's modern industries to Pakistan would propel the development of Pakistan's industrial modernization and support an increase in the export of advanced industrial products, bringing the country a significant amount of foreign exchange income and strengthening its financial position.

He added that the primary industries in which Chinese businesses may set up industries in Pakistani SEZs are the textile, footwear, pharmaceutical, and information technology (IT) sectors. He continued by saying that because the Chinese textile sector employed up to 2,000 local Pakistanis during one shift, millions of jobs would be created for the locals if a substantial number of Chinese firms were to land in Pakistan's SEZs, he said.According to S.M. Naveed, significant technical training would also be provided to Pakistani citizens employed by Chinese companies, advancing the country's human resource development.

PCJCCI President Moazzam Ghurki stated that the best part of this occasion is that the Chinese side will continue to offer intellectual and technical support to speed up Pakistan's priority sectors, particularly through the nine SEZs of Pakistan under CPEC, wherein three SEZs have been prioritised and are currently at an advanced stage of development. PCJCCI Vice President Hamza Khalid stated his belief that many Chinese businesses will profit from Pakistan's competitive advantages as a result of this partnership. There is little doubt that it will aid in converting trade potential into investing potential, he added. According to PCJCCI Secretary General Salahuddin Hanif, Pakistan's young entrepreneurs should collaborate to improve their country's economy by studying Chinese companies' cutting-edge business practices.

Credit : Independent News Pakistan-WealthPk