Chinese as well as Indian companies are eyeing joint ventures in chemical production in Pakistan, according to reports from a meeting between representatives of the three countries’ industrial investment promotion groups.

A 60-member delegation comprising executives of 50 Chinese and 10 Indian companies in the chemicals and dyes sector visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Lahore during the first week in March to explore opportunities.

The China-Pakistan Economic Corridor (CPEC) and business-friendly investment policies have transformed the South Asian country into a “top trade and investment destination in the region,” an FPCCI statement said.

“Pakistan is a rapidly growing economy. It’s the fifth largest consumer market in the world. Its chemical industry is continuously flourishing speaking volumes of the scope of business in the sector,” Manzoor Ul Haq of FPCCI told the investor gathering.

Haq, who is regional chairman and vice president of the chamber, said CPEC will make the Pakistani market attractive not only to China, but also to the world. He said Chinese companies will enjoy exclusive direct market access through the investment corridor. 

Hopkins Tui, head of the Chinese delegation, said the chemical industry leaders’ presence at the meeting in Pakistan “stands witness to the fact the business communities of the two countries are committed to the promotion of bilateral trade.”

Niraj K Shah, director of Monarch Dyestuff and leader of the Indian delegation to the meeting, urged the government of Pakistan to ease visa requirements for foreign investors.