An interview with Mushahid Hussain Said (Excerpt)
In 1999, Huawei founded its first overseas subsidiary in Pakistan. As a private communicating enterprise, its sales volume in Pakistan exceeded one billion US dollars this year. This is regarded as a model for private enterprises operating in Pakistan.
Mushahid Hussain Said shared his views regarding economic cooperation between Guangdong and Pakistan with journalists from Southern Daily. According to Said, two investment advantages and one economic achievement mark promising prospects for economic cooperation between Pakistan and Guangdong.
Land in Pakistan is inheritable
According to Said, the population of Pakistan is almost 200 million and consumption capacity contributes to 87.4 percent of Pakistan’s GDP. The mobile phone and appliance industries already have a good foundation and a large professional work force. In addition, Pakistan has the lowest strike rate among South Asian countries.
Pakistan has a lower land price than that of China. Foreign investors can both lodge and purchase land in Pakistan. “After purchasing, the land belongs to its investor. The investor can inherit the land to their younger generation,” said Said.
Pakistan also has a well developed software industry and IT industry, which shows a dominating advantage in South Asia.
Income taxes will be exempted when investing in SEZs
Shortages in infrastructures, institutions and services contain the development of industrial parks in Pakistan. In order to face competition from other parts of the world, a plan to set up a special economic zone was put on the agenda by the government.
Pakistani officials also published a series of policies to attract overseas investments. Foreign investors in Pakistan enjoy equal investment treatments with local investors. Ten-year income tax will be exempted if foreign investors invest in special economic zone.
Foreign enterprises which establish factories in Pakistan do not pay tariffs when exporting raw materials to Pakistan.
A Commodity Exhibition Center from Guangdong was established in Pakistan
Last year, Pakistani and Chinese government officials signed an agreement for developing the Pakistan-China economic corridor. This project connects Urumqi with Pakistani core cities such as Lahore, Islamabad, Karachi and Gwadar.
According to Said, the Association of Logistics of Guangdong will establish an exhibition center in Gwadar. “Not only businessmen from Pakistan, but also businessmen from Iran and Afghanistan can see commodities from Guangdong in this center.”
China will also help Pakistan build 16 power stations as well as upgrade a series of highways and build a digital network, as well as a 1,800 kilometers of railway from Kashi Prefecture to Pakistan.
(By Yan & Ken & Chris)