The meeting started with the exchange of pleasantries from both sides.
The Punjab side started with the documentary video and CEO PBIT stated that our main purpose of visit is to promote our industrialization. He highlighted that Government of the Punjab is keen interested to develop Special Economic Zones (SEZs) in Punjab Province. He further briefed that there are also special incentives being given to investors investing in these SEZs such as one time exemption from custom duties on import of plant and machinery and exemption from corporate income tax for ten years. Additionally, there are eleven industrial zones in Punjab and there is low cost/economic labor available in Punjab.
Further, highlighting the good ties between Pakistan and China, he elaborated that CPEC is the main stream of connecting both the countries along one belt one road. Moreover, China has proven its friendship with Pakistan by investing $60 Billion in Punjab through CPEC in different sectors such as real estate and energy. Additionally, there are already many Chinese companies operating in Punjab. However, Pakistan really needs cooperation of China for industrial and socio-economic growth of Punjab Province.
The Chinese side stated that they are ready for cooperation with Pakistan. Textile, Food Processing and Paint Industry are the major clusters of Guangdong. They want to invest in these sectors and make a platform/wechat group for future contact/coordination. Further, they will prefer that Punjab side share the labor cost policy/industrial regime and rules.
The Representative of Economic Development of Commerce Department from Guangzhou stated that they have big shareholders of different companies. They will inform their companies about Punjab Province and take further steps to collaborate with PBIT in near future.
The CEO PBIT appreciated the idea of making platform/wechat group and further shared that we are arranging a seminar in mid of March, 2018. A formal invitation will be sent through Consul General, Guangzhou. Moreover, we will really appreciate if a strong delegation from Guangzhou visits to Punjab Province before the being planned seminar of March, 2018.
Further, CEO PBIT uttered that there is great potential of textile, food processing, value addition agriculture and dairy products. Additionally, for textile interested businessmen it is pertinent to share that Punjab has got GSP Plus status.
The Chinese side stated that it will be great honor for them to attend the seminar of March, 2018 being held in Punjab. Further, they will try to send a senior level delegation before this seminar to get fair idea about the Punjab province and start collaboration.
The Consul General, Guangzhou concluded with remarks that Punjab and Guangzhou have sister city relationship. Moreover, their consulate office will push up the both sides, PBIT and Guangzhou business sides for future collaboration/connection.