by Muhammad Mehdi

ISLAMABAD, Aug 21 (Gwadar Pro) - Pakistan’s economic development has not been satisfactory in the past few years. It is true that the country has the resources and population to match the bright development prospects, but what should Pakistan do to maximize these conditions? At present, it is generally believed that only by further deepening the close economic ties with China can Pakistan’s economic development embark on a sustainable path.

Ever since the present government came to power, it has been trying to connect the business potential of China with the business potential of Pakistan. On August 19, Prime Minister Shahbaz Sharif organized a meeting to achieve the same goal and the agenda of this meeting was only to consider the issues related to Chinese investment in Pakistan, during which the Prime Minister learned that more and more Chinese companies are willing to relocate their production lines or factories to Pakistan. These relocations will bring direct economic benefits to Pakistan.

At the same time, Chinese companies will open more job opportunities for Pakistani talents. It is reported that a well-known Chinese auto parts company have made positive progress in their plans to build factories in Pakistan. Similarly, the Chinese electric vehicle giant BYD has signed an agreement to build a joint venture factory in Pakistan.

BYD plans to build a complete vehicle production plant in Pakistan and start production in 2026, while selling three models through cooperation with Mega Motors. This move makes BYD the first major NEV company in Pakistan. The giant also revealed plans to open three experience centers in Karachi, Lahore and Islamabad, and plans to start selling two SUV models and a sedan model in the fourth quarter of 2024.

Pakistan is working to provide the most active assistance to Chinese companies in expanding their business territory. Prime Minister Shehbaz Sharif was informed that the land leasing process of the special economic zone is being promoted and relevant parties are working hard to take all measures to remove obstacles.

China has become the world's most attractive market with its large population and strong purchasing power. In order to expand the market share of Pakitani products in China, experts from both China and Pakistan have formulated a series of strategies and organized road shows in different cities in China to introduce Pakistani products. In addition, the Prime Minister instructed that 50% of public sector goods in the future should be exported from Gwadar Port to maximize the value of the port.

Through all these initiatives of the public and private sector, Pakistan is expected to increase its import and export from China and Chinese investment on a large scale. Pakistan's business community must act now to seize this valuable opportunity. If Pakistani products can fully enter the Chinese market and further deepen the resources and technology cooperation between the two countries in various fields, then we can fully look forward to a bright future for Pakistan.

This article originally appeared on Gwadar Pro.