Pakistani businessman Ali Kamran received the business license for his company set up in Yiwu, east China’s Zhejiang Province, with his firm becoming the 10,000th foreign-funded company registered in the city, dubbed the “global supermarket.” With the establishment of Ali’s company, named Yiwu Al-Wafia Business Consulting Information Co., Ltd.,

Yiwu has attracted 10,000 companies from over 160 countries and regions to establish a global investment network spanning five continents, China Economic Net reported on Tuesday. “The experience of starting a business in Yiwu couldn’t be better, due to entire business process is very fast and convenient.”

Ali, who is studying for a medical degree in Belt and Road International School of Medicine at Zhejiang University, told the reporter with a smile, “Although my major is medicine, I still hope to try more possibilities here, a borderless entrepreneurial oasis.”

It is understood that the company founded by Ali mainly engages in business consulting, providing market research, policy interpretation and other services to newly arrived foreign businessmen. “Basically, it only takes one day from the time we submit all required documents to the time we get the business license.

China is a great place to engage in international trade, and I sincerely hope more foreign businesses could thrive here, and Yiwu’s products can be exported more smoothly around the world," Ali added. Last year alone, Yiwu recorded 1,769 new foreign-funded entities, surpassing the capital city of Hangzhou to rank first in Zhejiang Province.

Yiwu was the first city in China to pilot reform of the foreign capital registration system-streamlining the procedure and slashing the waiting time from 15 days to just one day.

Credit: Independent News Pakistan (INP) — Pak-China