LAHORE – Lahore Chamber of Commerce and Industry (LCCI) has congratulatedthe government for signing of the second phase of Free Trade Agreement(FTA) with China and termed it a beginning of ‘Economic Revolution’ inPakistan.LCCI spokesman Monday said that in the letters written to Prime MinisterImran Khan, Advisors to PM on Finance and Commerce and Governor State Bankof Pakistan, the LCCI President Almas Hyder said, now it was up to theprivate sector that how it cashed the opportunity and how it developedproducts according to needs of Chinese market at their specifications toget the best benefit of this agreement.This opportunity should be availed fully as it would lay foundation of anew era of economic and socio-economic development of the country.He said that a jump of US $ 6 billion in exports from Pakistan to China wasexpected after historic treaty between the two countries but to achievethis target, country would require US $ 3 billion investment for industrialexpansion and infrastructure etc.Almas Hyder said that government should conduct an immediate analysis andsort-out the issues being faced by the industrial sector so that it couldextract immensebenefits from the opportunity of duty-free access to Chinese markets.The LCCI president said that availability of running capital was one of themajor issues being faced by the industrial sector. He suggested that StateBank of Pakistanshould make available a special window for borrowing at lowest interestrates, especially for engineering and food industries.Almas Hyder hoped that Chinese investment in Special Economic Zones (SEZs)would expand Pakistan’s industrial base and assist in diversifying itsexport basket. He said that Pakistan needed immediate industrial expansionto cater to theneeds of Chinese market after embarking second phase of Free TradeAgreement.He said that the exemption from the payment of Sales Tax on imported plantand machinery for Greenfield projects should also be granted to brownfieldprojects that would help industrial expansion.LCCI President pledged to introduce at least 200 companies to China bytaking them to different exhibitions besides planning delegations. He saidthat in the context of ongoing project of China-Pakistan Economic Corridor,the need and importance of private to private contacts had mounted. In thisscenario, the role of chambers of commerce had widened.He said that Chinese investment in infrastructure and various other sectorswould help economic development besides introducing modern technologies inPakistan.He hoped that the conclusion of the second phase of China-Pakistan FTA,would give further boost to trade and economic relations between the twocountries.The LCCI Senior Vice President Khawaja Shahzad Nasir and Vice PresidentFaheem-ur-Rehman Saigal said that it was not just a treaty between the twofriendly countries but it was an Economic Revolution that was knocking thedoors thereforegovernment and private sector should sit together and evolve a strategy toget immense benefits from this opportunity.
Pakistan to get 6 billion trade booster
