BEIJING November. 20: Pakistan has emerged as a most attractive destination for foreign investment mainly due to the availability of hardworking and cheap labour and it brightens the prospects of rapid industrialization in the country, under the 2nd phase of China-Pakistan Economic Corridor (CPEC).

According to a report published by Gwadar Pro net on Thursday, CPEC is expected to generate significant avenues of employment for the domestic labor force, especially after the establishment of the proposed Special Economic Zones (SEZs). However, as this development takes shape, the job requirements would gradually become more demanding.

In recent visit to Pakistan, Taiwan Textile Federation President Justin Huang talked about the importance of Pakistan’s labor market. Being a cheap labor market, Pakistan can transform into an excellent destination for Taiwanese textile companies, which are willing to relocate their units outside Vietnam.

At present, Vietnam is crowded, which causes difficulties for Taiwanese textile firms there, such as labor shortages.

In Pakistan, however, labor issues will not emerge at least for the next 10 years and this is something attractive for us.”

Pakistan had a duty-free export agreement with the European Union. In December, the second phase of a free trade agreement (FTA) with China will also take effect, which will prove to be helpful for the Taiwanese investors and trade and industrial development in Pakistan, he said.

Earlier this year, Task Force on Textile Chairman Salman Shah also emphasized the importance of cheap labor force in Pakistan when addressing a seminar on Pakistan’s textile sector.

The Chairman mentioned that cheap labor force can help Pakistan attract foreign industrialists and encourage them to shift their units here, which will definitely ensure more profit margins for their products.

With the focus under the CPEC shifting towards agricultural development, industrial advancement, and technological investments, the country has an opportunity to gain on this front.

INP/JAVED