Governor witnesses signing of MoU between Karachi, Qingdao Mayors.

KARACHI -- Sindh Governor Imran Ismail Monday said the signing of a Memorandum of Understanding (MoU) between Qingdao and Karachi was a good omen which would not only benefit the city but also for the province and country as well.

Talking to media after a signing ceremony of the MoU between Mayor Karachi

Waseem Akhtar and Vice Mayor Xue Qingguo of the Chinese city of Qingdao to work on enhancing cooperation in trade, science and technology, cultural, ports, tourism and other fields, the governor said that Chinese companies were turning to other countries in the region due to rising production costs in China.

Pakistan was taking advantage of this opportunity to invite Chinese companies to invest in the country, according to a statement.

Imran Ismail said that Qingdao had a special status in China's economy. Cooperation with the city would greatly benefit Pakistan's economic hub Karachi.

Responding to a question, he said that the solution to Karachi's problems was transfer of powers to the Mayor.

To another question about taxes, the Governor made it clear that the present government did not impose any new tax however the government was only ensuring proper collection of already imposed taxes. Broadening the tax net was the need of the hour.

Replying to a question about the economy, Imran Ismail said Pakistan was the emerging economy of the world. Due to the effective...