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Pakistan’s export capacity to

be augmented under CPEC 2nd

phase: Envoy

Mr Yao Jing, Chinese Ambassador in Pakistan in a progress made on account of the implementation
meeting with Mr Muhammad Hammad Azhar, of China Pakistan Economic Corridor related
Federal Minister for Economic Affairs said that projects. In a statement, the envoy said that in the
under the second phase of CPEC (China Pakistan second phase socio-economic sector projects,
Economic Corridor), in order to augment Pakistan’s with grant financing for direct benefit of common
overall capacity to export, promotion of B2B man were also priority areas.
(business to business) relationships for
technological and industrial development are a The Federal Minister stated that the CPEC is a
crucial need of time. To increase the overall exports flagship programme of Belt and Road initiative
of Pakistan is a priority for the Chinese government. which is now entering into a new phase. He
reiterated commitment of his government for
The Ambassador during the meeting further implementation of next phase of CPEC for the
updated the Federal Minister, Mr Azhar on the benefit of people of Pakistan.

Government efforts to revive defunct

businesses of the textile sector

Mr Abdul Razak Dawood Adviser to Prime Minister garments increased 32.77pc in 2018-19 while
said that the government is taking all steps export of knitwear witnessed a rise of 15.52pc in
necessary to attract foreign and domestic the same period.
investment for new plants and operationalize of
sick units of the textile sector on a competitive He said, “US-China trade war has positively
basis. He stressed upon the need to increase the impacted textile exports from Pakistan. The global
existing installed capacity of the manufacturing value chains (GVCs), especially in the textile sector,
sector to enhance the industrial base of the country are realigning in the US market due to high tariff
and exports of the country. against Chinese imports.”
He underlined that Pakistan had increased exports He added, “The government is working out a policy
in quantity, therefore, it was the need of the hour to paradigm for the upward growth of the
optimally utilize existing production capacity and manufacturing sector in general and large scale
operationalize closed units on a competitive basis. manufacturing in particular. For this, we are
developing an industrial policy while focusing on
It was highlighted during the meeting that as a areas which will assist the industrial sector in
result of business-friendly policies initiated by the improving its growth by the effective allocation of
current government, exports of ready-made resources.”

July/August 2019