Addressing two separate meetings of the senior executives of All China Federation of Industry and Commerce (ACFIC) and a select gathering of Shanghai business group, he said there was a tremendous scope for the two countries to deepen their trade and business links.
President Musharraf, who is currently here to attend the summit meeting of Shanghai Co-operation Organisation (SCO), availed the opportunity to have business interaction with the Chinese side. He briefed them on a favourable investment environment, existed in Pakistan for the Chinese businessmen.
Giving a futuristic outlook of Sino-Pak economic ties, he said the two countries could be linked through rail and gas pipeline to ensure rapid trade and energy development for their mutual benefit. President Musharraf said the two countries could realise their future goals, establishing a rail link and expanding gas pipeline to China, which Pakistan was getting from Iran. These could serve as 9th and 10th wonders of the world. The Korakorum Highway that is known as 8th wonder of the world is also going to be improved to transform Pakistan's keen desire to serve as energy corridor for China.
He also assured the Chinese businessmen that they would be given preferential treatment setting up industrial network in Economic Free Trade Zone near Gwadar. Besides this, they will also be welcomed to make investment in IT park, being set up in Pakistan.
The ACFIC's delegation led by its chairman Hu Deping acknowledged economic achievements of the present government and said the Chinese businessmen would fully benefit from the investment opportunities in Pakistan, pointed out by the president.
Highlighting their plan of making maximum investment in Pakistan, Hu Deping said they were prepared to set up an oil refinery, with capacity of ten million tonnes in Pakistan near Gwadar, besides coal-based project. He told the president that many Chinese companies were agreed to make investment in the proposed industrial park. "We are also looking forward to set up a business center in Islamabad for the Chinese businessmen," he added.
President Musharraf noted that the traders of the two countries are already taking benefit from Early Harvest Programme (EHP). He hoped that the on-going negotiation for the free trade agreement would be completed by the end of this year.
His government, he said, would provide all possible encouragement and incentives to the private sector that could work as a driving force for giving boost to their trade and business ties. The time-tested and evergreen friendship between the two countries should be exploited for the economic benefit of their people, he emphasised.
He said there could be a win-win situation for the two sides, if Chinese companies undertook joint projects, relating to energy and basic infrastructure including road net work. Pointing out the prospective areas of investment in Pakistan, the president said road construction, agro-based industries, dairy forming, IT and textile could be proved more profit-oriented for the Chinese businessmen.
The president spoke high of the importance of rail link between the two countries and said this project could be possible in the long-run, in their efforts of strengthening communication links.
He also underlined the importance of gas pipeline from Iran that is proposed to be extended to India as well through Pakistan. This gas link, could also be provided to China, he added.
The government, he said, attached great importance to the energy sector, and engaged in exploiting all available energy resources, including hydro-power and nuclear. He also briefed the Chinese side about rapid economic growth in Pakistan in the recent years, stating that the annual GDP touched to 8.4 percent last year.
During his meeting with Shanghai Business group, the president said the city developed as most modern one in a shortest possible time. The dynamism of local leadership is visible everywhere. He asserted that Shanghai, that enjoys status of a sister city with Karachi, should come forward to consolidate bonds of economic interaction.
The business meetings were also attended by Information Minister Muhammad Ali Durrani, Minister for Co-ordination Salim Saifullah Khan, Governor State Bank of Pakistan Shamshad Akhtar, Chairman Pakistan Export Promotion Bureau Tariq Ikram, Secretary Foreign Affairs Riaz Muhammad Khan and Pakistan ambassador to China Salman Bashir.