ISLAMABAD: The initial phase of the Belt and Road Initiative (BRI) has eradicated electricity outages and facilitated surplus electricity generation, laying the foundation for industrialisation in Pakistan, said commerce and industry minister Dr Gohar Ejaz.

He made these remarks during a meeting with Chinese Exim Bank President Ren Shengjun in Beijing.

Dr Ejaz highlighted the upcoming BRI phase, which focuses on private-sector cooperation, and praised Pakistan`s Special Investment Facilitation Council (SIFC) for promptly eliminating bottlenecks and expediting projects.

He announced the establishment of Special Economic Zones (SEZs) in Karachi, Lahore, Multan, and Faisalabad, equipped with facilities for industrial growth. To boost exports resulting from increased industrial activities, Pakistan is actively negotiating market access agreements with regional countries and exploring transit trade arrangements, particularly along the Karachi route. This route has potential for industrial development and official trade in RMB with Russia and other countries.

Dr Ejaz announced the formation of the Pakistan Corporate Consortium (PCC), comprising 10 top business houses aiming to partner with potential Chinese investors for joint ventures. The minister requested Exim Bank`s support in relocating industries to Pakistan.

Mr Ren Shengjun expressed his desire for Pakistan to become China`s hub for productivity and development, emphasising that now is the opportune time to seize these prospects. He was encouraged by the progress of CPEC and recognised the positive impact of infrastructure development on connectivity and Pakistan`s foreign trade.

He disclosed that Exim Bank had completed its internal processes for debt restructuring, which would facilitate transactions in RMB and further enhance trade relations. He commended the establishment of the PCC as a promising mechanism for driving private investment.

Interactive session for businesses Over 200 prominent Chinese and Pakistani business leaders gathered in Beijing for an interactive session organised by CZK Group and attended by attended by caretaker commerce and industry Dr Gohar Ijaz, energy minister, Muhammad Ali and planning minister Muhammad Sami Saeed, providing a platform for Pakistani businessmen to share their success stories and experiences in doing business with their Chinese counterparts.

Business leaders expressed interest in capitalising on the potential of CPEC to solidify economic relations, focusing on key sectors like infrastructure development, energy, trade, and technology. Dr Ijaz emphasised the historical ties between the two nations and their commitment to building a stronger future together, highlighting discussions on collaboration in various sectors.

Ambassador Moinul Haque expressed optimism about enhanced economic collaboration, translating strong political ties into tangible outcomes. -APP