ISLAMABAD: The Pakistan planning ministry said this week it planned to increase exports to China to $50 billion in the next ten years, as the Prime Minister on Wednesday greenlit a joint venture project to relocate Chinese industries to Pakistan.

Earlier this month, Prime Minister Shehbaz Sharif went on a five-day visit to China that included meetings with top political and business leaders with the aim of upgrading the China-Pakistan Economic Corridor (CPEC), a flagship of the Belt and Road Initiative (BRI), through which Beijing has pledged over $60 billion to Pakistan. Dozens of MoUs were also signed during the visit. 

“The Planning Minister highlighted the goal of exporting fifty billion dollars to the Chinese market. The aim is to increase Pakistan’s exports from 30 billion dollars to 150 billion dollars in the next 10 years,” the ministry said in a statement, emphasizing the importance of learning from China’s experience and know-how.

“A delegation of Chinese experts from various fields is scheduled to visit Pakistan at the end of this month, aiming to foster innovation, technology transfer, and capacity building,” the statement added. 

“The focus will be on capacity building of Pakistani experts through training and knowledge sharing, learning from China’s experience in innovation and technological advancements, adapting innovative solutions to Pakistan’s specific needs, and skill development in key sectors.”

While chairing a meeting to prepare for the Chinese delegation’s visit, Planning Minister Ahsan Iqbal directed line ministries to be “selective and strategic” and focus on areas where China had experience that could be shared with Pakistani professionals. 

“He noted that China has 2.7 trillion dollars in imports, and Pakistan must focus on areas through which it could enhance exports and secure a share in Chinese imports,” Iqbal said, emphasizing the need for Pakistan to learn from China’s strategic advancements in knowledge and technology. 

“The visit aims to transfer Chinese expertise to promote innovation and technology across various sectors in Pakistan, with a focus on mutual cooperation and knowledge sharing.”

Separately on Wednesday, Sharif chaired a meeting of the Board of Investment (BoI) to discuss promoting both local and foreign investment in Pakistan.

“There was significant potential for relocating China’s textile, leather, footwear, and other industries to Pakistan,” state-run APP said in a report, quoting the PM, who okayed a joint venture project to relocate Chinese industries to Pakistan.