|Girish Shetti |||Oct 06, 2016 08:13 PM EDT|
(Photo : getty images.) A China's top industrial representative has said that Chinese investors prefer Pakistan over other countries when it comes to investment.
Chinese investors prefer Pakistan over Bangladesh or Vietnam, when it comes to risking their investment in the region, Pak-China Joint Chamber of Commerce and Industry's (PCJCCI) president Wang Zihai revealed.
"Pakistan has some advantages, especially for textiles, chemicals and shoe manufacturing sectors," Wang told a group of journalists on Tuesday. "We have contacted Pakistan's top textile lobbies and they have expressed an interest in such joint ventures."
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Wang laid a special emphasis on Pakistan's textile sector, which is the core sector of the country's economy. He said both countries can stand to benefit immensely from cooperation in textile sector.
According to him, Pakistan's textile industry can alleviate its outdated technology and China can get access to lucrative European markets through Islamabad's Generalised System of Preferences (GSP) Plus status.
Wang also spoke about the controversial China-Pakistan Economic Corridor (CPEC), claiming that investment due to CPEC project could push the foreign investment in the country to $100 billion "in the future."
He further disclosed that there is a strong desire among Chinese investors to shift their manufacturing base in Pakistan and export back products to China, a scenario that may help Pakistan in improving the current imbalance in the trade.
China is Pakistan's closest ally and their deep economic cooperation is a reflection of the proximity shared between the two countries.
Chinese companies have invested billions of dollars in Pakistan, with CPEC project being one of the largest investments that China has made in the country.
Although the neighbouring country India has repeatedly expressed security concerns over CPEC, the controversial project is steadily making progress.
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