Latest news with #NazirHussain
Business Recorder
12-06-2025
- Business
- Business Recorder
PCJCCI president expresses satisfaction over Economic Survey, federal budget
LAHORE: Nazir Hussain, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), appreciated the government's launch of the Pakistan Economic Survey 2024–25 and Budget 2026, calling them strong indicators of Pakistan's commitment to economic stability, investment, and regional connectivity through the China-Pakistan Economic Corridor (CPEC). He emphasized that CPEC was playing a transformative role in building infrastructure, boosting trade, and creating job opportunities, especially through key projects in road, port, energy, and urban development. He added that the completion of several major infrastructure projects under CPEC, including the Multan-Sukkur and Hakla-D I Khan motorways, and the operationalization of the New Gwadar International Airport was already improving logistics, reducing travel time, and opening new trade corridors. Brig Mansoor Saeed Sheikh (retd), Senior Vice President PCJCCI particularly praised the progress in Gwadar, where the Gwadar Port and Free Zone have seen over $250 million in investment from the China Overseas Ports Holding Company Limited (COPHCL), enabling operations in logistics, manufacturing, fisheries, and finance. With generous incentives like a 23-year tax holiday, full foreign ownership, and one-window facilitation, Gwadar is rapidly becoming a strategic commercial hub for the region. Zafar Iqbal, Vice President PCJCCI said that Budget 2026 had also allocated significant funding under the Public Sector Development Programme (PSDP) for ongoing and new CPEC projects, including infrastructure development in Gwadar, land acquisition, and the second phase of the East Bay Expressway. He also highlighted achievements in social infrastructure, such as the completion of a 1.2 million-gallon-per-day desalination plant to address water scarcity in Gwadar, and progress in digital connectivity, including the completion of a cross-border optical fibre cable. Salahuddin Hanif, Secretary General further welcomed signs of macroeconomic stabilization, with inflation recorded at 4.6 percent and GDP growth at 2.7 percent in the outgoing fiscal year. These are positive signs for investor confidence. Chinese businesses are already showing renewed interest, and CPEC's next phase will focus on job creation, industrial development, and local empowerment. The PCJCCI reaffirmed its commitment to promoting bilateral trade, facilitating business partnerships, and supporting the government's development goals under CPEC and Budget 2026. 'CPEC is not just an economic corridor it's a symbol of long-term cooperation and shared prosperity. The foundation has been laid. Now it's time to build on it, together.' Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
Seafood sector: performance highlighted
LAHORE: Pakistan's seafood sector continues to demonstrate resilience and growth, supported by the country's abundant marine resources and increasing international demand. Nazir Hussain, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) emphasized the sector's strong export performance and the growing importance of China as a destination for Pakistani seafood products. According to data released by the Pakistan Bureau of Statistics (PBS), Pakistan's seafood exports from July to May (2020-24) stood at $383.088 million; an increase from $373.382 million recorded during the same period in 2019-23. This reflects a year-on-year growth rate of approximately 2.6 percent, despite global economic challenges and fluctuating trade patterns. He added Pakistan is endowed with immense fishing potential, thanks to our 1,000-kilometer-long coastline, diverse aquatic species, and favourable climatic conditions. China has emerged as a pivotal partner in our seafood trade, accounting for a substantial portion of our exports. Brig. Mansoor Saeed Sheikh (retd), Senior Vice President PCJCCI said that China is one of the world's largest consumers and importers of seafood. According to the International Trade Centre (ITC), Pakistan exported around 29% of its total fish and aquatic products to China in 2019 alone. With increasing urbanization and growing consumer demand for high-protein diets, China's seafood imports have surged, creating significant opportunities for Pakistani exporters. Pakistan's geographical proximity, competitive pricing, and abundant supply position it as a natural trading partner for China's seafood sector. Zafar Iqbal, Vice President PCJCCI further highlighted the need for Pakistan's fisheries industry to move toward value-added processing, such as filleting, vacuum-packing, and quick freezing, to capture higher margins in export markets. By investing in modern processing and cold chain infrastructure, we can significantly enhance export revenues and create employment opportunities. There is also rising interest among Chinese investors to establish seafood processing facilities directly in Pakistan. This would reduce logistics costs and improve supply chain efficiency. He added that there is only one factory that has just started working on nitrogen-based quick-freezing ice. This technology helps in maintaining the quality. The product freezes fast. Salahuddin Hanif, Secretary General PCJCCI said that Pakistan's government has taken several steps to boost the fisheries sector, including the modernization of fishing harbours, training for fishermen, and subsidies for cold storage and transport. Additionally, the Marine Fisheries Department is working closely with exporters to ensure compliance with international quality standards. Our goal is to position Pakistan not just as a supplier of raw seafood, but as a competitive producer of high-quality, value-added marine products for international markets. Copyright Business Recorder, 2025
Express Tribune
28-01-2025
- Business
- Express Tribune
Construction sector critical for growth
Listen to article LAHORE: The revival of the construction industry, often referred to as the backbone of Pakistan's economy, is essential for boosting employment, driving economic growth and attracting investment, stated Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President Nazir Hussain. Speaking at a think tank session held at the PCJCCI Secretariat on Tuesday, Hussain said "this critical sector influences 72 interconnected industries, which play a central role in boosting economic expansion and providing employment opportunities." With the potential to unlock $100 billion in investment and create millions of jobs, the revival of the construction industry is termed vital for Pakistan's economic recovery. The PCJCCI president stressed that supportive government policies would help unlock full potential of the construction industry. In this regard, tax reduction, affordable mortgage schemes and streamlined regulatory processes are essential for creating an environment conducive to growth. By addressing sector-specific barriers, he mentioned, the government could pave the way for increased investment and industrial development. These measures, coupled with CPEC's infrastructure projects, will lay the groundwork for sustainable progress. PCJCCI Senior Vice President Brigadier (Retired) Mansoor Saeed Sheikh shared that the China-Pakistan Economic Corridor (CPEC) provided an unparalleled opportunity to rejuvenate the construction industry and boost the overall economy. As a flagship project of the Belt and Road Initiative (BRI), CPEC has been a driving force behind infrastructure development in Pakistan. From roads and bridges to industrial zones and housing projects, the partnership between CPEC and the construction industry promises to accelerate growth, attract foreign direct investment and introduce advanced technologies, said Sheikh. "Additionally, CPEC's focus on enhancing regional connectivity will boost trade, creating a ripple effect across multiple sectors." PCJCCI VP Zafar Iqbal said that the construction sector's resurgence would have a far-reaching impact, which would invigorate industries such as cement, steel, ceramics, real estate and IT solutions.
