China should invest in local SMEs: FPCCI

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said the government must develop an effective strategy to attract Chinese investment in the SME sector, which offers low cost job creation and rapid poverty reduction.Chinese businessmen can help boost local SMEs through joint ventures in the industrial zones planned along the China-Pakistan Economic Corridor (CPEC), it said in a statement. The transfer of technology from Chinese businesses to their Pakistani counterparts can modernise existing SMEs. Atif Ikram said the development of the proposed industrial zones along the trade route will benefit the SME sector, which is the backbone of the economy.Mr. Sheikh said that development of the SME sector is necessary for equitable and inclusive economic growth.`China must support Pakistan in developing its comparatively advantageous industries in the mining, agriculture and manufacturing sectors, he said.