by Misbah Saba Malik
ISLAMABAD, Oct. 31 (Xinhua) -- Yousuf Ali, owner of a plastic home appliances factory from Pakistan's Swat district, has been importing manufacturing material from China, as he believes that the imported goods are cost-effective and of better quality.
"China ... has strengthened its labor force by giving it technical training. Pakistan and China can do better business if China provides technical assistance to Pakistan and set up their factories here in joint ventures so that we can save import cost," said Ali.
Ali has been associated with the plastic industry for more than a decade; he made the remarks Tuesday on the sidelines of a forum on promoting business between Pakistan and China, which was attended by businessmen from both sides, who are interested in doing business in Pakistan by forming joint business ventures in the private sector.
Several Memorandums of Understanding were signed, and several joint business ventures are expected to form in the near future.
Speaking at the event, Chinese Ambassador to Pakistan Yao Jing said that the joint business ventures between Pakistani and Chinese businessmen bring new hope and opportunity for business groups of both countries.
He said that through these ventures, China would provide investment and technology to Pakistani private sector, which will help to develop Pakistani business and also give access for Pakistani products to Chinese markets.
Asad Mashadi, former president of Rawalpindi Chamber of Commerce and Industry, told Xinhua that a large number of Pakistani businessmen are interested in trade with China's private and government sectors by setting up joint ventures.
He said China is making significant investment in Pakistan under the China-Pakistan Economic Corridor (CPEC), so this kind of communication in the private sector will help both countries.
"China as a neighboring country can bring big investment and have a joint venture with Pakistani business community and establish manufacturing units because we have certain difficulties in importing the products because of import bill. If Chinese companies set up manufacturing facilities in Pakistan, it will increase the Chinese trade through local manufacturing in Pakistan," Mashadi said.
"Pakistani businessmen are interested in making business ventures with Chinese companies to build manufacturing plants of the goods they import from China, in Pakistan," he said.
Shahid Saleem, president of the Rawalpindi Chamber of Commerce and Industry, told Xinhua that Pakistani traders have high hopes and expectations from the potential joint ventures with Chinese businessmen as they will benefit both sides.
It will be a win-win situation when the Chinese side provides technical support, Pakistani partners provide logistic support and the final products are exported to the world.