Prime Minister Shehbaz Sharif has told Chinese investors and officials that his government is taking steps to curb corruption in the country.

Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Finance Minister Aurangzeb addressed a busines forum in Chinese city of Shenzhen on Wednesday.

Prime Minister Shehbaz Sharif is in China on a 5-day visit, where the Pakistan-China Business Forum is being held in Shenzhen.

Addressing the event, the Prime Minister said that visiting China is very important for him. He congratulated China for organizing a “wonderful business conference”.

Shahbaz Sharif said that the development of the Chinese city of Shenzhen is a beacon for Pakistan. Today Pakistan’s economy has no competition with China, Pakistan is taking effective measures to control corruption, and it has created a business council to create ease of doing business in Pakistan, he said.

Finance Minister Muhammad Aurangzeb said that inflation is a big problem in Pakistan, but the rate of inflation has decreased significantly, and all the economic indicators of Pakistan are moving in a positive direction.

Mohammad Aurangzeb said that this year the current account deficit will be less than one billion US dollars while the rate of inflation has decreased from 38 to 11 percent. The prices of food and beverages are decreasing rapidly and interest rates will have to be revised later this year, he said.

He said that the Pakistani currency had stabilized in a few months and the government was focusing on the economic reform agenda. Foreign investment is increasing in Pakistan and investors are confident, he added.

Deputy Prime Minister and Foreign Minister Ishaq Dar while addressing the ceremony said that Pakistan has immense opportunities in various sectors including IT, mineral resources. SIFC is taking steps to encourage investors in Pakistan. Privatization of 84 institutions is under consideration.

Chinese interest in manufacturing e-bike in Pakistan

Yesterday, the founder and chairman of the Chinese company Transition Holdings Zhu Xiaojiang met Prime Minister Muhammad Shehbaz Sharif in Shenzhen.

The Chairman of Transition Holdings briefed the prime minister about the company’s current operations in Pakistan, its global exports and plans for further investment in Pakistan.

He told the prime minister that the company already has a mobile phone manufacturing unit in Pakistan, which has provided employment to more than 5,000 Pakistanis. It is keenly interested in expanding the business, which will increase its exports from Pakistan after the manufacture of mobile phones, he said.

The Chinese company also expressed keen interest in investing in electric bikes and modern agriculture in Pakistan.

Prime Minister Shahbaz Sharif directed the federal ministers and Pakistan’s ambassador to China to prepare an action plan soon in collaboration with Transition Holdings.