LAHORE: China’s technological advancement and expertise can help Pakistan to serve as a food basket to this part of the world.

Lahore Chamber of Commerce and Industry (LCCI) President Irfan Iqbal Sheikh expressed these views while addressing a six-member trade delegation from China on Wednesday.

He said that Pakistan has vast fertile land, all weathers and one of the best canal systems in the world but has been unable to reap benefits due to lack of modern technologies.

Sheikh said that China had transformed itself into an economic giant and is already playing a vital role to make Pakistan prosperous. Transfer of technology would ensure speedy growth for Pakistan’s industrial and agriculture sectors.

Government-to-govern­ment collaboration supported by frequent interactions between private sector representatives is encouraging, he added. The bilateral trade volume between Pakistan and China was above the $16 billion while China was the highest contributor to the net foreign direct investment in Pakistan.

Sheikh said that there are countless opportunities for Chinese investors in various sectors of the economy including engineering, surgical instruments, pharmaceuticals, value added textiles, leather products, poultry/meat and agriculture machinery. Moreover, he added that it was important that there should be win-win situation for all the stakeholders.

“It is the right time to invest in Pakistan,” he said while lamenting that despite having skills, labour in Pakistan was cheap compared to China, therefore, investors should avail this opportunity by setting up joint ventures with their Pakistani counterparts.

China Pakistan Economic and Trade Council President Chen Jianlu hoped the relations between the business communities from the two sides would strengthen and was also optimistic that the visit would help Chinese businessmen find new partners in Pakistan.