“Presently, the powor loom industry is bearing multiple direct and indirect taxes, including sales tax,” the APCPA chairperson said. PHOTO: EXPRESS
Addressing a meeting in Faisalabad Chamber of Commerce and Industry (FCCI), Wang said assured members of the business community of constant support for a better future.
Punjab stops cotton sowing before April 15
“Pakistan is a cotton producing country and hence, there is huge potential in setting up a garment industry,” he said, adding that he hopes the connection between business personnel from both countries will produce mutual benefits.
The PCJCCI president also said that there is a need to ink a Memorandum of Understanding (MoU) with the FCCI so that Chinese delegations visiting Pakistan could also visit Faisalabad and interact directly with the business community here.
Meanwhile, PCJCCI General Secretary Salahuddin Hanif said that only upper and upper-middle class management from China would come to the country for the execution of different projects while the rest of the workers will be recruited from Pakistan.
Bettering standard: Deal signed to transform cotton production
He added that apart from the investment of $55 billion under China-Pakistan Economic Corridor (CPEC) project, another $100 billion from the private sector is also in the pipeline and Pakistani entrepreneurs should play a proactive role to attract maximum injection.
On the other hand, FCCI President Mohammad Saeed Sheikh said that the investment from China has laid down a solid foundation for a sustained economic cooperation between the two countries.
Published in The Express Tribune, March 26th, 2017.
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