In meeting with PM Imran Khan, Chinese firms express interest to expand investment in Pakistan

BEIJING: Prime Minister Imran Khan held a series of meetings with leaders of China’s leading state-owned and private companies in Beijing on Friday, who evinced keen interest in expanding investments in different projects in Pakistan, Radio Pakistan reported Friday.

The executives who met the Prime Minister included the leadership of China Communication Construction Company, Huazhong Technology, Zhejiang Seaport Group, Challenge Apparel, Hunan Sunwalk Group, Royal Group, China Road and Bridge Corporation, Zhengbang Group and China Machinery Engineering Corporation.

The corporate leaders briefed the prime minister about the progress of their ongoing projects in Pakistan and showed interest in expanding investments in projects related to recycling of metals and paper, energy, textile, fiber optics networks, housing, dairy and water management.

In his remarks, PM Imran Khan appreciated the keen interest of Chinese companies to invest in Pakistan.

Highlighting deepening economic and trade ties between the two countries, he informed the Chinese corporate leaders about steps to create a conducive environment for Chinese investment in Pakistan and encouraged them to benefit from business-friendly policies for investment in Special Economic Zones.

CPEC progress

In the first meeting of his China visit, the prime minister chaired a meeting on the China Pakistan Economic Corridor (CPEC) during which both sides reviewed the pace of work on different projects.

Terming the CPEC of strategic significance for both countries, he said that the project was delivering tangible benefits to Pakistan.

The prime minister expressed these views in a virtual meeting with He Lifeng, Chairman of China’s National Development and Reform Commission (NDRC) and Vice Chairman of the Chinese People’s Political Consultative Conference in Beijing.

The prime minister noted with satisfaction that CPEC’s early-harvest projects had transformed Pakistan’s economic landscape, thus laying a solid foundation for sustainable economic growth.

Reaffirming the commitment of two sides to timely completion of CPEC and its high-quality development, the prime minister said that both sides would continue expediting efforts to achieve Gwadar’s potential as a hub of regional commerce and industry while also prioritising preparatory work on the ML-1 and other key energy projects.

During the meeting, both sides reviewed the progress of ongoing CPEC projects and discussed the preparations for future initiatives.

The prime minister was accompanied by cabinet ministers and senior officials for the meeting while He Lifeng was accompanied by Vice Chairmen Ning Jizhe and Tang Dengjie and other senior officials of the NDRC.

In his remarks, the prime minister said that Pakistan-China All-Weather Strategic Cooperative Partnership was time-tested and timeless.

Despite the COVID-19 pandemic, work on all the CPEC projects progressed steadily due to the joint cooperation of both sides.

The prime minister appreciated the efforts of the NDRC and relevant authorities of both sides in this regard.

The chairman NDRC said that China attached immense significance to CPEC and was firmly committed to its steady progress and development.

He noted that China has become Pakistan’s largest investment and trade partner in the last seven years and both sides were keen to maintain the momentum of overall economic and trade ties in future as well.

The chairman added that NDRC and all relevant Chinese institutions would continue their efforts to encourage Chinese state-owned and private enterprises to invest in CPEC projects.

In this regard, both sides had decided to establish new green, digital, health, trade and industry corridors, which would enhance sector-wise cooperation in these areas.

Thanking the prime minister for his firm support, He Lifeng expressed China’s readiness to assist Pakistan in the areas of industrialization, agricultural modernization, science and technology and socio-economic development.

During the meeting, both sides welcomed the signing of the Framework Agreement on Industrial Cooperation between the Board of Investment (BOI) and the NDRC which would, inter alia, facilitate the relocation of China’s industrial units to CPEC SEZs and accelerate investment from China and elsewhere.

Both sides also signed the minutes of the 6th JWG meeting on Gwadar which was held on December, 30, 2021.

The minutes were signed by Planning Minister Asad Umar and Vice Chairman NRDC Ning Jizhe.