ISLAMABAD, 27 Oct. Syed Murtaza Mahmud, Pakistan’s Federal Minister for Industries and Production, said in an exclusive interview with China Economic Net that Pakistan can take advantage of CPEC and the FTA to upgrade its industry and achieve sustainable production. Pakistan can also produce more Made-in-Pakistan goods to meet the demands of the Chinese market, he added, adding that "our ministry is looking into it very closely.”
Currently, many jobs are being transferred from China to Pakistan and other nations with inexpensive labor. According to the minister, "Pakistan has a highly inexpensive and skilled workforce compared to other nations. Foreign investment in Pakistan has a great deal of promise.”
"You may have noticed that Vietnam has undergone significant industrialization in recent years. Their inexpensive labor is one of the causes of this. As a result, we must maximize Pakistan’s potential. We must create long-term strategies that are appropriate for this "said Syed Murtaza Mahmud.
According to the minister, both China and Pakistan have comparative advantages, and a win-win situation may be reached through industrial transfer. As CPEC moves into its second phase and Pakistan’s business climate improves, more high-quality investment projects were drawn to the country, giving it’s economy a powerful development drive.
"But what matters most is that we as a society make our policies better. The role of the government is to facilitate and provide incentives. We must review our current regulations, "He was precise.
For instance, Syed Murtaza Mahmud informed the reporter, "Special Economic Zones (SEZs) and Export Processing Zones (EPZs) were established in Pakistan, however, it is crucial that our policies adapt with time.
"We contrast our regulations with those of other nations, particularly China, which has its own EPZ and SEZ regulations. There is a lot of potential in Pakistan, and I think that a lot of industry from outside will relocate to Pakistan if we establish the appropriate climate and implement the correct laws "The minister said.
