Prime Minister Shehbaz Sharif on Wednesday granted approval to the establishment of joint ventures between Chinese and Pakistani enterprises with the aim of relocating Chinese industries to Pakistan.

As the chairman of a meeting to deliberate on the matters of the Board of Investment (BoI), the prime minister stated that promoting both domestic and foreign investment in Pakistan is a top priority of the government.

He said the government is taking all possible steps to create a business-friendly environment for traders and investors. The PM directed the officials concerned to submit a comprehensive report on the implementation of memorandum of understanding (MoUs) signed between Pakistani and Chinese enterprises in Shenzhen during his recent visit to China.

He also requested a review of the draft law for the Special Economic Zones one-stop shop, given the developments following his China visit.

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Prime Minister Sharif stated that there was significant potential for relocating China's textile, leather, footwear, and other industries to Pakistan.

Meanwhile, during the briefing, the BoI secretary stated that steps were being taken to relocate Chinese industry to Pakistan.

It was informed that the services of Chinese experts were being hired for establishing a Business Facilitation Centre in the federal capital, and the draft of the 'Easy Business Act' was being sent to Cabinet Committee for Legislative Cases.

The meeting was attended by Federal Minister for Privatization and Investment Abdul Aleem Khan, Federal Minister for Commerce Jam Kamal, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Petroleum Dr. Musadik Malik, Prime Minister's Coordinator Rana Ehsan Afzal, and other senior government officials.