The Federal Minister for Planning and development Ahsan Iqbal said that private sector was the driver of economic growth and government wanted its maximum participation in CPEC projects to realise full benefits of this flagship project.
While talking to a delegation of Islamabad Chamber of Commerce and Industry that called on him led by President Khalid Iqbal Malik, he said that CPEC was a trendsetter for investment in our country as many foreign investors including Renault were now taking keen interest in Pakistan.
Ahsan Iqbal said Chinese leaders at highest level have assured to promote industrialisation in Pakistan through CPEC and we should not take any stand to affect their goodwill.
He stressed that business community should explore maximum joint ventures and partnerships with Chinese counterparts in CPEC projects and upgrade technology & machinery to compete effectively. He said due to high labor cost, China wanted to relocate its industry to low cost countries which provided us a good opportunity to attract them.
He said China has technology and expertise while we have good human resource that offered win-win situation. He said Pakistani businessmen should understand Chinese import structure and business processes to promote trade with it.
He said private sector should focus on industrial efficiency, cost cutting and productivity improvement to compete in international markets and highlighted quality, competitiveness and innovation as way forward for it.
He said mobile giants Blackberry and Nokia have been wiped out by competitors with constant innovation and business community should adopt a proactive approach to respond fast to outside changes.
He further said that Pakistan in general adopted import substitution approach, but private sector could put it on export-led growth. He said ICCI should form a think-tank to develop out of box strategies for export-led growth.