PESHAWAR: President, Khyber Pakthunkhwa Chamber of Commerce and Industry, Fawad Ishaq here on Monday termed the visit of Prime Minister Muhammad Nawaz Sharif to China as highly successful, saying it would bring direct foreign investment (DFIs) to the country besides restoring the confidence of international investors.
“The agreements and Memorandum of Understanding (MoUs) worth USD 42 billion signed between Pakistan and China would make a very positive and direct impact on the country’s dwindling economy and energy,” Fawad Ishaq told APP on Monday.
The KPCCI President said Pak-China relationship was time-tested and we need to take full advantage from the Chinese technical expertise’s and technology.
He suggested for enhancing trade volume between Pakistan and brotherly Islamic countries of Iran and Afghanistan.
The 19 agreements and MoUs would help promote cooperation between the two countries in the fields of energy, economy, infrastructure and other sectors that would ultimately benefit people of Pakistan, he remarked.
The KPCCI President said energy shortfall was the major challenge confronting the country’s economy and industry, saying completion of the signed projects would steer Pakistan towards economic prosperity besides revival of sick economy.
A huge foreign direct investment is required to fully tap Pakistan’s rich hydel power potential which could be materialized from the PM recent historic visit to the China.
Fawad Ishaq said industries in Khyber Pakthunkhwa were badly affected by incidents of terrorism, poor law and order situation and energy shortfall that resulted flight of capital to other provinces. Cases of kidnapping for ransom, extortion and target killings have also made a very negative impact on the economy of the province.
Ishaq said improvement in law & order situation and infrastructure development would not only stop flight of capital but would also encourage investors to invest in Khyber Pakthunkhwa.
The KPCCI President demanded special economic package for KP, being a front line province in war against terrorism and establishment of industrial estates in border areas of KP and Fata that would bolster economic activities and provide jobs opportunities to youth besides alleviating poverty.
They said PML-N was striving hard for speedy development of Pakistan while PTI was busy in agitation politics, depriving people from fruits of development as evident of the lapse of KP’s 80 percent development budget.
They advised PTI leadership to extend full support to the government on national issues.