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Low rate of taxes, tax incentives can attract huge Chinese investment: Chinese envoy

Low rate of taxes, tax incentives can attract huge Chinese investment: Chinese envoy

LAHORE: Low rate of taxes, tax incentives and business-friendly environment in Pakistan can attract huge Chinese investment.

Ambassador of China to Pakistan Yao Jing stated this speaking at the Lahore Chamber of Commerce & Industry. LCCI President Almas Hyder presented address of welcome while Senior Vice President Khawaja Shahzad Nasir, Vice President Faheem-ur-Rehman Saigal and executive committee members were also present on the occasion.

The Chinese ambassador said that mutual trade can be enhanced through people-to-people direct contact. Businessmen of both the countries should play their role to further increase bilateral trade.  He said that good trade policies, low rate of taxes, tax incentives and business-friendly environment in Pakistan can attract huge Chinese investment.

The Chinese ambassador said that under Joint Coordination Committee meetings, they are working on several projects under the China-Pakistan Economic Corridor like power plants, railways, Metro train, road infrastructure and Gwadar port.

He said that Chinese government is also focusing on health, education, agriculture, water, poverty alleviation and socio-economic development of less developed areas like Balochistan and Khyber Pakhtunkhwa.

He said that Special Economic Zones are also underway which should be given priority because they would boost joint ventures, private-to-private cooperation especially in manufacturing and socio-economic sectors of the country.

He added that 70-80% priority would be given to enhance exports of Pakistan. When the LCCI President Almas Hyder informed that the LCCI delegation is visiting China in March, the Ambassador ensured full cooperation and support to the delegation.

“There is a dire need to find ways to develop consistent policies and stable economic relations with each other. Our present level of trade seems to be the result of lack of knowledge about the mutual potential of Pakistani and Chinese economies”, the Ambassador added.

LCCI President Almas Hyder said that Pakistan and China being steady geo-political partners have very cordial relations. CPEC which is part of the Belt and Road Initiative promises even greater fortunes for us.  It will certainly prove to be a game changer.

“Be it electricity generation, infrastructure development, technology transfer, knowledge sharing or joint venture projects with Chinese firms, Pakistan knows that tomorrow is bound to get better than today”, he added.