Chinese firms ready to invest billions of dollars in Pakistan BEIJING: Chinese companies expressed their willingness to invest billions of dollars in Pakistan during meetings with Prime Minister Nawaz Sharif as chairman Orient Group of Investment offered laying the Pak-Iran gas pipeline up to China. Meanwhile, Prime Minister Nawaz Sharif held a meeting with China’s President Xi Jinping during an official visit to Beijing.Nawaz Sharif said he chose China for his first overseas visit to strengthen and develop the friendly neighbourly ties between the two countries. “Pakistan hopes to expand economic exchanges, especially in developing basic infrastructure, and welcomes Chinese businesses to invest there,” he said.Xi told him China hoped to move ahead with plans for a “China-Pakistan economic corridor. All-weather strategic cooperation is the precious wealth our two countries share.” While interacting with a responsive galaxy of Chinese business and corporate leaders, Prime Minister Nawaz Sharif urged them to extend their help and cooperation for power generation and infrastructure development in Pakistan in line with the close strategic partnership between the two countries. Speaking with the Chairman Orient Group of Investment Zhang Hongwei, the prime minister said that there was big potential in Pakistan in oil and gas exploration. “We are happy to support and help Chinese partnership in various projects of economy,” he said. Chairman Zahng expressed willingness to help Pakistan in construction of pipeline from Pakistan to China immediately and send a team for partnership in laying gas pipeline from Iran to Pakistan. He said that his company had undertaken wind energy project to generating 1000MW in first phase in Jhampir area in Pakistan.The meeting was the highlight of the prime minister’s engagements on the first day of his five-day official visit to China. He told the chief executives from Chinese corporate and financial sectors that overcoming Pakistan’s energy crisis was top priority of his government along with developing infrastructure in the country to pave the way for more foreign investment and industrial growth. Prime Minister Sharif had a detailed meeting at the State Guest House here with the chairman of China’s Export-Import Bank, Li Ruogu, which officials in his delegation termed very productive and encouraging. Underscoring the depth of Pakistan-China relationship characterised by warmth, mutual respect and convergence of views and interests, the prime minister sought more funding by the leading Chinese bank for the Chinese enterprises already working in Pakistan. Mr Li, later, while talking to media representatives, said that EXIM bank was already supporting 27 projects in Pakistan to the level of six billion dollars and that the bank would consider further expanding assistance in energy, transport and infrastructure domains. Nawaz Sharif also held a meeting with Chairman of China Development Bank Hu Huaibang, briefing him in detail about his government’s economic agenda and the policies it was formulating to put the national economy on an even keel, including measures to give an impetus to investment from friendly countries. He specifically asked for a credit line from China Development Bank and said a special fund would be created for planned Pak-China economic corridor by linking Gwadar deep seaport being developed by Chinese expertise with Kashghar through road and rail network. The prime minister said he would soon send a team to China to work out details on various projects. A senior member of the entourage told ‘The News’ that the prime minister did all he could to offset a perception among Chinese financial and investment circles that Pakistan “is only good for signing MoUs and then sleeping over them.” “Write to me directly on my e-mail,” Nawaz Sahrif told the Chinese business and financial leaders and “we will get back to you in 24 hours... And see to it that hiccups are removed within 7 days.” A close aide to the prime minister said Pakistan and China had traditionally very strong and defence ties and “now it is a new effort to create and foster stronger economic and business bonds.” Ahsan Iqbal, Minister for Planning and Development, told ‘The News’ that the prime ministers of Pakistan and China had strong business management backgrounds and therefore “we think it is time to convert it into economic thrust that will benefit the region.” “A new promising twist in relations is in the offing – building strong economic, trade and investment cooperation unlike the past emphasis only on defence collaboration. It surely is a new twist in the old bonds,” said a Pakistani official. “So many projects are being discussed in one trip; this has never happened before. If implemented, the plans prove a game changer and Pakistan and China will both benefit hugely. My focus is boosting economic and business activities through connectivity. China connected to Pakistan and we connected to china,” the prime minister told media after visiting an underground train. Giving economic links ascendancy in relations with China is widely seen as a right and fruitful path for Pakistan while China forges ahead as an economic power on the global scene. In a meeting with President of China Investment Corporation Gao Xiqing, Prime Minister Nawaz Sharif laid out details of his economic mission, calling for expanded Chinese partnership in projects in the spheres of energy and infrastructure. The prime minister said there were tremendous prospects for the Chinese in hydro and coal based power generation project as well as in the area of motorways and high speed trains. He informed that the economic corridor from Gwadar to Kashgar would greatly benefit not only the people of Pakistan and China but also the regional countries.He said it would be highly beneficial and convenient for the Chinese to export their goods from Kashgar and central parts of the country to Middle East and to Europe through Pakistan. Nawaz Sharif said that he had held very comprehensive talks on relevant project with Chinese Premier Li Keqaing during his visit to Islamabad in May. “We wish to see stronger Pakistan-China partnership in all fields and diverse projects.” The prime minister said that his government would welcome Chinese partnership in the construction of Bhasha Dam in Pakistan’s northern areas.The prime minister also invited Chinese support in Mass Transit project for Karachi and said that the provincial metropolis needed this system as early as possible. To provide better transport facilities to the masses his government also wanted to implement Karachi-Peshawar fast train project, he said and added, “This is my dream and it can and will come true.” Talking to Vice-President of China Power Investment Corporation Wang Zhiying, Prime Minister Nawaz Sharif said with the support of his organisation “we can address our energy problem.”“A lot can be changed with your cooperation,” he told Mr Wang and also referred to the long-standing plan to exploit the vast Thar coal deposits in Sindh and invited the Chinese Investment Corporation to extend a helping hand to realise the objective. Wang told the prime minister that his company was already working on two power plants of 600MW each generating capacity in Thar. The prime minister, emphasising the need for completion of the projects at the earliest, and asked Mr Wang to directly contact his secretariat for removal of any bottlenecks. He assured Mr Wang that he would get reply within 24 hours from the PM office.Meanwhile, Balochistan Chief Minster Dr Abdul Malik Baloch said that on the directive of the prime minister, he assured Chinese investors full security in his province. Punjab Chief Minister Shabaz Sharif, Minister for Planning and Development Ahsan Iqbal, Adviser to Prime Minister on Foreign Affairs Tariq Fatemi, Ambassador Masood Khalid and Chinese Ambassador in Pakistan Sun Wei Dong and prominent Pakistani businessmen were also present during the meetings.
Posted on: Fri, 05 Jul 2013 07:18:37 +0000
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