Islamabad - Federal Minister Planning, Development and Reforms Ahsan Iqbal Wednesday said Pakistan and China can work on joint ventures in industrial sector to produce competitive products for global markets.

The real potential of China-Pakistan Economic Corridor lies in industrial sector. Relocation of Chinese industries to Pakistan offers economic dividends to both countries because of cheap labour available in Pakistan, Ahsan Iqbal stated in the opening remarks at a meeting of delegation from Shaanxi province of China with Pakistani officials and representatives of industrial sector at Ministry of Planning, Development & Reform.

He said that industrialization always thrives on cheap labour and Pakistan is the most attractive destination for industrialization because of low cost of labour here. Ahsan Iqbal pointed that out that 1st phase of CPEC is related to Chinese investment in energy, infrastructure and Gawadar. The real potential of this mega project is related to Chinese investment in industrial sector of Pakistan, on which both countries are working speedily.

Minister stated, “Pakistan is located at centre of three engines of growth i.e. South Asia, Central Asia and China. We can integrate it to create into a big market of three billion people. CPEC has a win-a-win proposition. Pakistan has advantage to serve as manufacturing and service hub through CPEC and China side to have economical route for its goods to world markets.

About the significance Gawadar, Ahsan Iqbal informed the Chinese delegation that deep sea port in Gawadar will serve both China and Pakistan to harness opportunities of regional connectivity through maritime trade to Middle East, Africa and Europe. Minister said that China and Pakistan always enjoyed exemplary political relations in past.

The minister said that CPEC added economic dimension to these cordial and brotherly relations when both countries demonstrated their desire to take the relationship to strategic economic cooperation after Prime Minster Nawaz Shari’s visit to China in July 2013 and Chinese President’s visit to Pakistan in April 2015. CPEC is the first drop of big ocean to pave the way for more Chinese investment in various sectors.

About the visit of Shaanxi province of China to Pakistan, Ahsan Iqbal hoped that it would open new avenues of cooperation in trade, commerce and industry. “We look forward to active participation of Shaanxi province in CPEC projects,” the minister added.