ISLAMABAD - The Chinese companies here on Friday expressed their intention for establishing joint ventures with Pakistani counterparts in fields of agriculture, livestock, dairy development, food and fruit processing to exploit the existing potential of trade and develop local industry.

Intention to this effect was developed during visit of a delegation of Sichuan International Chamber of Commerce Halal Food Professional Committee, led by its chairman Ma Zhujin, which visited Islamabad Chamber of Commerce and Industry. They expressed their interest to establish business collaborations with Pakistan in other pharmaceutical and other sectors, said a press release.

Sheikh Amir Waheed, president, Muhammad Naveed Malik, senior vice president, and Nisar Mirza, vice president ICCI, were present in the meeting.

Speaking at the occasion, chairman Sichuan International Chamber of Commerce Halal Food Professional Committee said that Sichuan Province was in South West of China and it has lot of importance for CPEC. He said Sichuan with a GDP of over $458 billion was the sixth largest provincial economy of China. He said millions of Chinese Muslims were living in Sichuan which offered additional benefits to strengthen bilateral business relations with Pakistan.

He said the purpose of visiting Pakistan was to explore business collaborations with Pakistani companies in agriculture, livestock, dairy development, food fruit processing, pharmaceutical and other sectors.

Zhujin said that a Sichuan Centre was set up in Sichuan Province to strengthen trade, cultural and educational relations between Western China and Europe. He showed interest to set up a Sichuan Centre in Islamabad in collaboration with ICCI to further improve such relations with Pakistan.

He stressed that ICCI should send a delegation to Sichuan Province to explore opportunities of business partnerships with Chinese counterparts.

Addressing the delegation, Sheikh Amir Waheed, president ICCI, said that Pakistan and China enjoyed lasting friendship while the CPEC has put both countries on long-term strategic partnership. He said Pakistan and China could complement each other in many areas by enhancing interactions between their private sectors. He said many sectors of Pakistan’s economy including agriculture, pharmaceuticals, energy, exploration of minerals and infrastructure development offered great potential for JVs and investment to Chinese investors and they should take benefit of these opportunities by bringing technology and machinery to Pakistan.

Sheikh Amir Waheed said that pharmaceutical companies of Pakistan were importing most of raw material from China and other countries. He stressed that Chinese companies should set up raw material producing plants for pharma industry in Pakistan that would help in manufacturing cheap medicines in the country.

He said by investing in Pakistan, Chinese companies could promote exports to South Asia, Middle East, Africa and many other destinations.