Chinese firms ready to transfer production, tech expertise to Punjab

Punjab is marketing itself to China as a prospective hub for manufacturing and exports, according to Business Recorder. The pitch was made at a Business and Investment Conference in Guiyang, held with the governments of Punjab and China's Guizhou province, where provincial minister Ashiq Kirmani spoke on behalf of Chief Minister Maryam Nawaz Sharif. Several Chinese firms signalled a readiness to shift manufacturing lines and technical know-how to the province.

Kirmani put the province's GDP at USD 253 billion and pointed to a consumer market of 128 million people. He also cited more than 40,000 manufacturing units, the country's top textile and engineering base, and a road network of around 90,000 kilometres. He added that the PIVOT programme is training more than 850,000 workers and is meant to promote value addition.

Investors in Punjab's 10 Special Economic Zones can receive a one-off duty concession and income tax relief for up to a decade, along with 30-year land leases. Chinese companies that source more than 50 per cent of their raw material from Punjab qualify for an additional 20 per cent discount on lease rates. Kirmani also said Rs35 billion has been set aside for 1,000 new manufacturing units, while Rs80 billion of private investment is expected to create 40,000 jobs.