16-member Chinese team visits KATI: $1m investment aimed at establishing ‘medical city’ in Karachi announced

KARACHI: In a significant boost to Pakistan-China economic cooperation, Meng Xiaowei, the leader of a 16-member Chinese trade delegation, announced a $1 million investment to establish a medical city in Karachi.

The project, which will be Pakistan’s first comprehensive pharmaceutical and medicine ecosystem, will be set up in the Dhabeji Economic Zone following successful negotiations with the Sindh government.

Meng, while addressing the Korangi Association of Trade and Industry (KATI), also revealed that talks with the Sindh government are in advanced stages to introduce 1,000 electric buses, electric taxis, and a high-speed train connecting Karachi to Sukkur.

The Chinese delegation includes representatives from top companies in sectors such as agriculture, energy, transport, and manufacturing.

Meng stated that a high-level business alliance in China is actively encouraging investment in Pakistan, with over 50 companies expressing interest in projects ranging from solar energy to fertilizers.

Currently, 10 leading companies have joined the delegation to explore opportunities in Karachi.

KATI President Junaid Naqi welcomed the delegation, emphasizing that China is a steadfast ally of Pakistan, providing diplomatic and financial support during challenging times.

“China is Pakistan’s top source of foreign direct investment, and this partnership has immense potential to boost bilateral trade,” Naqi said.

He added that the Korangi Industrial Area, a hub of Pakistan’s export industries, could play a vital role in promoting joint ventures and increasing exports.

Deputy Patron-in-Chief Zubair Chhaya highlighted the importance of the China-Pakistan Economic Corridor (CPEC), describing it as a “game-changer” for regional trade.

He stressed the potential for enhanced trade with China and Central Asia through CPEC and praised China’s continued friendship at both the governmental and public levels.

Coordinator of the Chinese delegation, Idrees Gigi, shared plans for a coal-based fertilizer production plant in Sindh’s Thar region, which will reduce Pakistan’s reliance on gas for fertilizer production.

He also noted the growing demand for agricultural products and meat in China, presenting an opportunity for Pakistan to expand exports using its 9.1 million hectares of cultivable land.

Idrees Gigi thanked Sindh government, Chief Minister Murad Ali Shah, the provincial cabinet, especially Sharjeel Inam Memon, Nasir Hussain Shah, Qasim Naveed Qamar and senior officers for providing excellent hospitality and full-proof security arrangements for the Chinese delegation.

The event concluded with a commitment to further strengthen business ties. The Chinese delegation will hold B2B meetings with local investors on December 12 to explore collaborative opportunities.

Copyright Business Recorder, 2024