Friends with benefits: Lot to be explored in steel, iron sectors

LCCI chief emphasises need for increasing bilateral trade.

LAHORE: Chinese delegation head Lon Zou encouraged the country’s iron and steel sectors to purse joint ventures with their Chinese counterparts in a bid to gain access to modern technology.

In a meeting with Lahore Chamber of Commerce and Industry (LCCI) on Monday, Lon said that Pakistani businessmen should take advantage of free access to Chinese markets and increase their exports.

LCCI President Ijaz A Mumtaz presided over the meeting while Senior Vice President Mian Nauman Kabir, Vice President Syed Mahmood Ghaznavi, former president Shahzad Ali Malik, Lin Shixing and Zou Gaojie also spoke on the occasion.

Zou said that Pakistani businessmen should take full advantage of free access to Chinese markets and increase their exports. “Many Chinese entrepreneurs are looking to establish joint ventures in Pakistan,” said Zou. “Local entrepreneurs should identify feasible projects and negotiate with their Chinese counterparts.”

Speaking on the occasion, Mumtaz said joint ventures could take trade volume to a new height. Mumtaz said that Lahore has a special significance being the hub of business activities in Punjab. He said that both the public and private sector organisations are striving hard to fully exploit the trade and investment potential of Punjab in collaboration with foreign investors.

He said that in the present economic scenario, when Pakistan is facing acute energy crisis and desperately needs foreign investment to get out of this situation, the importance of high level meetings between the heads of states cannot be over-emphasised.

“Through developing contacts, we can further strengthen our trade relations,” said Mumtaz. “Private sectors of both countries need to interact on a regular basis for exploring more avenues for trade expansion and opportunities for investments.”

Published in The Express Tribune, May 12^th, 2015.

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