Prime Minister Imran Khan on Monday said time management and industrialisation was important for the country’s progress, stressing the need for business-friendly policies and finding new avenues for exports.

Khan was addressing the launching ceremony of the Pak-China Business and Investment Forum in Islamabad.

Chinese Ambassador Nong Rong, CPEC Authority Chairman Khalid Mansoor, federal ministers and other government officials were present on the occasion.

“Time management is very important for investment. Unfortunately, because of the nationalisation policy in ’70s, our investment was choked as it didn’t promote industrialization,” he said.

Pak-China Business Investment Forum was formed in collaboration with the Pakistan Board of Investment and All Pakistan Chinese Enterprises Association with the objectives to promote investment by the Chinese companies in Pakistan; it is meant to enhance business to business industrial cooperation.

The premier termed exports important for a country’s development, adding that smaller countries have increased over the years as compared to Pakistan. He said Pakistan was still limited to old methods of investment and business.

“No society can progress until it increases its exports,” he said, adding that Pakistan’s wealth would not be created with selling [mere] vegetables. “The country will progress when it will industrialise.”

He shared India’s example as the neighbouring country with huge IT exports, adding that Pakistan’s IT exports also increased with incentives given to the sector over the years.

Khan was of the view that Pakistan had an advantage that the world’s fastest-growing economy – China – was its neighbour and both the country’s friendship span over 70 years. “Our problem is that we have never been ready for cooperation with such an economy. We have never made such a national priority.”

He praised its country’s institutions for their “successful fight” against coronavirus and “stabilising economy” under unprecedented crisis. PM Imran added that they have aligned their government and focused on increasing exports and industrialisation. Moreover, supporting import substitution and countering money laundering.

Quoting UN’s statistics, he said that every year around $1,000 billion was taken out of the developing countries.

“CPEC phase 2 focuses on business to business and promoting the agriculture sector, which is an untapped potential,” he said, adding that Pakistan would learn from China’s urban planning development.

The premier added that he was planning his trip to China, which is tentative next week but subjective to Covid situation, and learn from its urban planning development programme in order to address the similar challenges in big cities here.

He was of the view that the forum would boost ease of doing business.