Business community Monday hailed formal inauguration of the Gwadar Free Zone and Expo 2018 and urged the government to take steps for technology transfer in order to promote and develop the local industrial sector.

They said the project was initiated under multi-billion dollars' China Pakistan Economic Corridor (CPEC) project and inauguration of the first phase of Gwadar Free Zone would further help in promoting the bilateral trade and investment between the two countries.

Chinese companies were displaying their products in the expo, said Senior Vice President Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Syed Mazhar Ali while talking to APP here Monday.

He said that the expo would help the Pakistani companies to find their Chinese counterparts for starting joint ventures to expand their businesses.

In future, he added, the local companies would be able to organize the similar expo and exhibition in different cities of China, which would help in promoting the exports to China and other part of the world.

He stressed the need for taking measures for transfer of technology instead of importing goods as the technology transfer would help in industrial development and create job opportunities for the skilled and semi-skilled labor force of the country.

He also stressed the need for improving the industrial base of the country and for focusing on value addition instead of exporting the raw material and depending on the imports to fulfill the domestic requirements.

He said that the expo-2018 would also be beneficial for local companies and industry and would help the local companies to introduce their produces in international markets in collaboration with the Chinese companies.

He said through Gwadar, the local exports to Central Asian States, Western China, Afghanistan and other countries would be boosted and help open new era of industrial development and economic uplift of the country.

Meanwhile, President Islamabad Chamber of Commerce and Industry also welcomed the inauguration of Gwadar Free Zone and hailed the government for the completion of the project under CPEC.

He said that the expo 2018 would also highlight the significance of Gwadar to promote its port and free zone, adding that it would also emerge as business hub and provide a platform for interaction between local, regional and international business entrepreneurs.