ISLAMABAD – The business community has stressed the need for utilising the country’s huge labour force by introducing it to Chinese markets, attracting investments into the country by offering low labour wages.
“As compared to China, labour wages in Pakistan are low and we have an opportunity to utilise our labour force in Chinese markets to generate foreign exchange,” Vice President of SAARC Chamber of Commerce and Industry and former FPCCI President Iftikhar Ali Malik told the media.
He was of the view that low wages provide Pakistan an opportunity to attract investments into the country. But Pakistan was facing an energy shortage adding that several MoUs related to energy development would be signed during the Pak-China Business Cooperation Summit.
He said that the businessmen attach great importance to the current forum adding that as many as 110 trade bodies and 40 chambers were participating to explore business and investment opportunities. He said that feasibilities regarding investment and trade opportunities would be made during the summit, adding that the results of the summit would have a positive impact on the economy.
Both countries would be signing agreements related to banking, exploration, agriculture, livestock, energy and development of the SME sector. Meanwhile, Advisor to Prime Minister on Textile Mirza Ikhtiar Baig said that Pakistan has a great opportunity to become a venue for Chinese investments. He said that China was facing challenges of rising labour wages and which are low in Pakistan.
So China can direct investments in Pakistan to reduce their cost of production. He said that China already has established markets, networks and brands and investments in Pakistan would give it another advantage of low productivity cost. “So we have an opportunity to involve our labour force to give boost to our economy,” he remarked.
He said that another big sector of cooperation would be the automobile industry for which Pakistan could become a suitable destination to produce automobile parts and accessories. Pakistan could also take advantages of agriculture modernisation of China which he said has enhanced cotton production by about 40 percent besides introducing colour cotton technology.
