RECORDER REPORT

LAHORE: An eight-member Chinese delegation from Sichuan province’s Hebei Chamber of Commerce has arrived in Pakistan to explore joint venture opportunities in different sectors including automobiles innovative accessories, town planning and vertical buildings infrastructure.

The delegation, comprising of Gaoqiang, Xu Yingliang, Cao Wei, Yang Yongang and Cao Zaiqiang is visiting Pakistan on the invitation of Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President S M Naveed.

S M Naveed briefed the delegation about the demand of energy efficient automobiles, car accessories and vertical buildings in Pakistan and said that the automotive industry in Pakistan is one of the fastest growing industries of the country that accounts for four per cent of the Pakistan’s GDP and employing a workforce of over 1,800,000 people. With the growing demand for automobiles, demand for the car accessories has also increased, he added.

He apprised the delegates of 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 a one-time basis, concessional rate of custom duty at 10 percent on non-localized parts and 25 per cent on localized parts for a period of five years for the manufacturing of cars, eligible to import 100 vehicle at 50 per cent of the prevailing duty for test marketing of the project.

The delegation’s head Gaoqiang said, “We want to make joint venture with Pakistan in mechanical parts and accessories, electric motor parts and accessories, electronic parts and accessories.

According to him, China has extensive manufacturing facilities that could be relocated to Pakistan based on the demand for accessories. China is eager to make a massive investment in the Pakistani auto-sector where the vehicle’s quality and the price will boost the competition in the market, he said. The process of putting the plant together is expected to be completed in two-three years.

The Chinese delegate further shared their plan for setting up of exclusive China Town in Lahore for providing residence to Chinese experts and investors, and hoped that after the completion of model China Town, the design will be replicated for the local citizens as well.

Speaking on the occasion, Chamber’s Vice President Rana Mehmood Iqbal said the PCJCCI has already been taking initiatives for the establishment of model China Town that could attract more investment and promote ventures in real estate and construction sector.

Both the parties were optimistic towards joint ventures between China and Pakistan in the fields of automobiles accessories, building infrastructure and town planning. The meeting ended with serious reviews for setting up manufacturing concerns of car accessories and development of Pak-China joint housing schemes.