One of the biggest Chinese buying companies Li and Fung has expressed keen interest to invest in Pakistan. This was revealed by Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC), Mian Kashif Ashfaq after his successful week-long tour to Shanghai to participate in China-Pakistan Vendor Summit. He was part of a high profile delegation from Pakistan which included Ahmad Nawaz Sukhera Federal Secretary, Ministry of Commerce, Board of Investment, TDAP, FIEDMC and leading industrialists of Pakistan.
Due to the recent escalation in the US-China trade conflict, the Chinese government has directed its companies to set up industries in Pakistan or start joint ventures to exploit world market which means that massive investments are inbound from China.
Adviser to Prime Minister on Commerce, Textile, Industries & Production and Investment, Abdul Razak Dawood told the media that the 135-year-old company Li & Fung, intends to set up a factory of trucks’ tyres in Pakistan, adding that for the first time the company has invited any foreign delegation. The company intends to increase its trade target from $1 million to $1 billion from Pakistan.
Mian Kashif said that Li and Fung Chief Operating Officer Wilson Zhu, in his meetings with the Pakistani delegation expressed his company’s desire to invest in the areas of new and emerging technologies, nanotechnology, biotechnology, ICT, which can contribute to improved living standards through their applications in the fields of health, agriculture, water, energy and food security.
