Federal Minister for Planning, Development and Reform, Ahsan Iqbal Saturday said that China and Pakistan have emerged as the top countries in respect of Foreign Direct Investment (FDI). The minister expressed these views at the Planning Commission during a meeting with Professor Justin Yifu Lin, Councillor of State Council and Vice Chairman of All-China Federation of Industries & Commerce and former Senior Vice President and Chief Economist of the World Bank.

He said China has emerged as a top country in respect of FDI in Pakistan. He said China''s FDI was 13 percent of the total foreign investment in 2013, far behind other countries. "But now after the CPEC, China has emerged as the top country in respect of FDI in Pakistan," he added.

He also said that the co-operation under CPEC has paved way for a significant change in different sectors, proving a project of sustainable growth and prosperity for the both neighbours. "It has scaled up Pakistan''s growth rate from 2.5 to 4.8 just in 3 years," remarked Ahsan Iqbal. He said promotion of industrial and trade relations between two countries will help develop conducive environment for trade in the region. He said that the industrial co-operation between both the countries will help Pakistan emerge as a new centre of trade and industrial production that will enhance exports and reduce trade deficit of Pakistan.

He said the CPEC project is an important part of the trade revolution in Pakistan. "Trade zones will be created in the federal capital, all four provinces, Azad Jammu and Kashmir, Gilgit-Baltistan, and Federally Administered Tribal Areas. Large-scale Chinese and Pakistani companies will invest in these trade zones," he added. He said that this project has introduced a new perception of Pakistan and relations of Pakistan and China have now been transformed into strategic partnership. He said economic significance of Asia is also increasing in the changing world.

He said that the CPEC is a fusion of multiple developments in the global, regional, bilateral and domestic contexts. The ultimate objective is peace, prosperity and well being of the people of the two countries, the region and the world. The minister reiterated that Pakistan wants to further enhance bilateral relations and co-operation with China in diverse areas including trade, investment, education, communication and health.

Chinese Chief Economist Justin Yifu Lin on this occasion said China considers Pakistan''s development as its own development. He said promotion of industrial and trade relations between the two countries will help develop conducive environment for trade in the region.

Copyright Business Recorder, 2017