Small and medium-sized enterprises in Pakistan need to prioritize quality and innovation and promote cooperation with Chinese counterparts. Wealth Pak

 Pakistan and China share a strong and enduring bond exemplified by their strong trade relations. ‘Pakistan strengthens its trade partnership with China, opening avenues for stronger economic ties with Central Asia.’ Chairman Federation of Pakistan Chambers of Commerce and Industry

Wednesday 18 December 2024

Islamabad (Point News Today- 18th December, 2024) Small and medium enterprises in Pakistan need to prioritize quality and innovation, promote cooperation with their Chinese counterparts and understand the market to unlock their true potential.

Speaking to Wealth Pak, Malik Sohail Hussain, Chairman, Coordination Federation of Pakistan Chambers of Commerce and Industry, said that over the years, Pakistan and China have shared a strong and enduring bond, exemplified by their strong trade relations. As Pakistan strengthens its trade partnership with China, it has opened avenues for stronger economic ties with Central Asia. This strategic alignment has not only increased Pakistan’s regional influence but also highlighted its potential as a key country in the global market.

He said that China’s high-standard opening-up policy that promotes transparency, reduces restrictions on foreign investment and ensures fair competition presents a promising opportunity for Pakistani businesses. He said that Pakistani SMEs should adopt practices that are in line with Chinese consumer trends, including quality assurance, branding and adherence to regulatory standards. He stressed the need for active engagement, saying that Pakistani SMEs should not only understand the market but also cooperate with Chinese counterparts to overcome logistical hurdles. The FPCCI official pointed out that there are some challenges that prevent Pakistani SMEs from adapting to Chinese standards, including lack of awareness about the Chinese regulatory framework, limited access to financing for technological upgrades and insufficient training in global business practices. Industrial consultant Farhan Khan said that most SMEs in Pakistan operate on traditional lines with minimal technological integration, making it difficult for them to meet the quality standards required in markets like China. He suggested that the government and the private sector collaborate to devise targeted programs to enhance the capacity of SMEs.

He said that with the right strategy, Pakistani SMEs have the potential to establish a strong presence in China. He said that SMEs are the backbone of Pakistan’s economy. If they can successfully adapt to Chinese standards, it will not only increase export earnings but also promote industrial modernization in Pakistan. He said that by leveraging the infrastructure of CPEC and fostering an ecosystem that supports SME development, Pakistan can transform its small industries into globally competitive enterprises.