CPEC opens doors for investment, cooperation in luggage industry
MG News | March 06, 2023 at 12:19 PM GMT+05:00
March 06, 2023 (MLN): China and Pakistan are looking to strengthen their trade and investment cooperation in luggage and other key industries. Officials from the Zhejiang Ruian Municipal Government and the Consulate General of Pakistan in Shanghai held an online trade and investment matchmaking meeting where they discussed accelerating bilateral cooperation.
During the meeting, Hussain Haider, Consul General of the Consulate, emphasized Pakistan's demand for middle and high-end luggage and bags and explained the country's trade and investment policies. He also highlighted that Pakistan's overall policy on foreign investment is lenient, with foreign investors free to invest in Pakistan, except in a few prohibited sectors, with no shareholding limit.
Ruian, a major manufacturing hub for bags, leather shoes, auto parts, and electrical equipment in east China's Zhejiang province, is rapidly developing an export-oriented economy. Both China and Pakistan have complementary industrial structures and strong demand for cooperation in these areas, which has laid a solid foundation for bilateral industrial cooperation.
Chen Peng, vice mayor of Ruian, proposed to promote China-Pakistan cooperation on a regular and systematic basis. He also invited Haider to lead a delegation to Ruian for a field visit to explore opportunities for cooperation.
Haider expressed interest in holding an online "B2B" matchmaking meeting for business representatives of both sides and an offline investment conference to accelerate the implementation of cooperation projects. Representatives from the Ruian Bureau of Commerce, Municipal Council for the Promotion of International Trade, and Ruian Luggage Industry Association attended the meeting.
The cooperation between China and Pakistan in luggage and other key industries is expected to create better conditions for Ruian enterprises to do business in Pakistan and attract more Chinese investment under the China-Pakistan Economic Corridor.
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