President LCCI Irfan Iqbal calls on Chinese delegation

Pakistan is anxiously seeking joint ventures in energy sector between Pakistani and Chinese private sectors. It would not only help much-needed transfer of technology but would also help bring down cost of production in Pakistan.

These views were expressed by the LCCI President Irfan Iqbal Sheikh while talking to a Chinese delegation, led by Jonathan Zhang, at the Lahore Chamber of Commerce & Industry on Monday. LCCI Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad also spoke on the occasion while former President LCCI President Sohail Lashari, Executive Committee members Haji Asif Saher, Mohammad Khalid, Zeeshan Sohail Malik, Sheikh Sajjad Afzal and Fiaz Haider were present.

Irfan Iqbal Sheikh said, in Pakistan, the energy takes major share in total cost of production of industrial sector, so, there is a need of bringing down the cost of electricity production at par with regional economies like Bangladesh, India and Vietnam etc. “It is imperative for us to regain the competitive advantage in international market which was lost due to comparatively high cost of doing business”, he added.

The LCCI President said that Pakistan also look forward to increasing the share of electricity generated through renewable sources. He said that joint ventures with Chinese companies in energy sector that would promote technology transfer through incorporation of cutting-edge Chinese technology in our energy projects.

“The two countries have a combined market of more than 1.5 billion people but the trade volume needs to be pushed up and should be balanced as well. The Chinese importers may have better prospects for Pakistani goods particularly of Carpets, Leather and leather products, Surgical Equipment, Sports goods, Fruits and vegetables, Rice, Pharmaceuticals, Cotton etc”, Irfan Iqbal Sheikh added.

LCCI Senior Vice President Ali Hussam Asghar was of the view that besides energy, joint ventures can be initiated in sectors like Construction, Hotels and Tourism; SMEs cluster development, Textiles & Garments, Home Appliances, Corporate Farming, Seafood and Food Processing, Banks & Finance, Light Engineering etc. He said that two most important areas where Pakistan needs urgent assistance are Energy and Agriculture.

Vice President Mian Zahid Jawaid called for exchange of trade delegation to explore new trade and investment avenues.