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Pakistan urges China to open businesses in country to cut labour cost

Economic and trade experts at the China-Pakistan CEOs forum have urged Chinese companies to open their businesses in Pakistan to overcome the high labour costs they facie in China. Also, Pakistan has huge youth population, they could be utilised for economic development. The experts were participating as panelists in a discussion during the second session of the CPEC Summit and Expo. The summit was organised by the Ministry of Planning, Development and Reforms.

Moderating the session, chairman of Gul Ahmed Textile Mills Bashir Ali Mohammad said that since the West had failed to share globalisation opportunities, China had to come forward with a new strategy and vision to promote growth. Ali Mohammad was accompanied by two Chinese and a Pakistani panelist who discussed the opportunities and benefits of the China-Pakistan Economic Corridor (CPEC).

Mohammad was of the view that 21st century belongs to Asia due to the vast opportunities and potential it had been offering. However, he stressed the need for having regional connectivity to take advantage of this potential. He said that the CPEC would boost growth as it would create connectivity in the Asian region. He said that China was still exporting the world's 36 per cent of textile. So if the Chinese shifted this industry to Pakistan, it would benefit them as well as Pakistan.

Federal Minister for Planning, Development and Reforms Ahsan Iqbal stressed on the need for undertaking proper homework before initiating any project. He said that the CPEC projects had been fundamentally based on three principles - scientific planning, step-by-step approach and easier part first. More than 150 leading Chinese businessmen and investors attended the Summit and Expo.

 
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