CPEC’s second phase to help spur industrialization

Chinese Consul General in Karachi, Li Bijian Tuesday hoped the second phase of the CPEC will help spur industrialization in Pakistan with more investors coming from his country in different sectors, vowing to facilitate the businessmen of both nations.

Talking to reporters after the launch of Midea, a home appliances brand, by Tri-Angles Electronics, he said that the second phase of the CPEC will also focus on the development of Pakistan’s agriculture, manufacturing, chemicals, textiles and home appliances making. He said: “We are seeing more companies are coming,” to invest in Pakistan.

He said that there will be a focus on economic corridors in Sindh and Balochistan in the new phase including areas like Dhabeji, near Port Qasim and Gwadar. He informed that a total investment of $25 billion have been made in the first phase of the CPEC, which has been completed with several projects including power plants, orange line train, highways etc.

The second phase is more about businessmen unlike the first one, which was carried out by China and Pakistan on governmental levels, he said. Earlier speaking as a chief guest at the launch Midea ceremony, he said that his consulate will make all efforts to help the businessmen community of Pakistan, especially facilitating visas. He said that his country wants a balance of trade with Pakistan. “We [China] don’t seek a surplus trade” with Pakistan, he said.

Over 300 items, he said, Pakistan can export to China without a tariff, which aims at helping reduce the country’s trade deficit under the renewed FTA. “Tri-Angels is doing a good job,” he said that the fresh home appliances assembling units will also help Pakistan scale back its imports, besides generating jobs. He also called upon Pakistani businessmen to visit their Chinese counterparts for seeking investments in the country’s different sectors.

“$1 million has been invested in machinery” for Midea in Pakistan, CEO of Tri-Angels, Imran Ghani told reporters, saying that it can produce 500 microwaves and 300 water dispensers a day. At present, he said that Midea has started production of water dispensers while making of microwaves will begin by the second week of April. Exports of Midea products to the Saarc countries from Pakistan are also under consideration, he added.

At the ceremony, he also spoke about the Chinese goods being available on the local market in comparison with electronic productions of other countries brands for the consumers. He said: “Tri-Angels was established in the year 2018, and since then it has been operating with a vision to introduce high quality leading electronic appliances in Pakistan, and since then it has witness rapid progress into the large-scale industry, with presence in over eight cities and nationwide network of 400 dealers and partners”.

Midea is one of over 10 brands within the home-appliance business of Midea Group – a global technology-leader company, ranked number 288 on the Global Fortune-500 list, published in 2021. It has 34 production centers around the world, with over 150,000 employees, in more than 200 countries and regions, while it generated annual revenue of over $41.4 billion in 2020.