ISLAMABAD: Eight member Chinese delegation from Sichuan province Hebei Chamber of Commerce Monday arrived Pakistan and expressed interest to invest in automobile and other sectors during their meetings with Pakistani entrepreneurs.
According to Online, the delegation is visiting Pakistan on the invitation of President Pak- China Joint Chamber of Commerce and Industry (PCJCCI), S.M Naveed to review opportunities for joint ventures in the fields of automobiles innovative accessories, town planning and vertical buildings infrastructure.
The delegation was led by Mr. Gaoqiang and included Mr. Xu Yingliang, Mr. Cao Wei, Mr. Yang Yongang and Mr. Cao Zaiqiang.
President PCJCCI, S.M Naveed and Vice President Rana Mehmood Iqbal briefed the delegation regarding the demand of innovative energy efficient automobiles, car accessories and vertical buildings in Pakistan.
Talking to the delegation, S.M Naveed said the automotive industry in Pakistan is one of the fastest growing industries of the country, accounting for 4% of Pakistan's GDP and employing workforce of over 1,800,000 people.
He said with the growing demand for automobiles, demand for the car accessories has also increased.
S.M Naveed informed the delegation about the automotive policy 2016-2021, according to which, new investors under the category ‘A’ shall be eligible for the duty-free import of plant and machinery on one-time basis, concessional rates of custom duty at the rate of 10 percent on non- localized parts and at the rate of 25 percent on localized parts for a period of five years for the manufacturing of cars, eligible to import 100 vehicle at 50 percent of the prevailing duty for test marketing of the project.
The head of the delegation, Mr. Gaoqiang said, “We want to venture with Pakistan in mechanical parts and accessories, electric motor parts and accessories and electronic parts and accessories.”
Mr. Gaoqiang, said China has extensive manufacturing facilities that could be relocated to Pakistan based on the demand for accessories.
He said that China is eager to make a massive investment in the Pakistani auto-sector where the vehicle’s quality and the price will boost the competitiveness in the market. The process of putting the plant together is expected to be completed in 2 to 3 years.
The members of the Chinese delegation further shared their plan for an exclusive China Town in Lahore for providing residential facilities to the Chinese experts and investors, working in Pakistan.
Mr. Gaoqiang hoped that after the completion of that model China town, the design will be replicated for the local citizen as well.
He said there is need to bring the unique Chinese vertical building designs in Pakistan to create a need and demand of the people to resolve the growing issue of housing demand.
Both parties were optimistic towards joint ventures between China and Pakistan in the fields of automobiles accessories, building infrastructure and town planning.