Chinese companies have decided to invest $5 billion in various small and medium sized industrial sectors in Pakistan over a period of five years, said the Prime Minister's Office after a delegation of over 55 Chinese companies' chiefs met with Prime Minister Imran Khan here on Friday. Chinese Ambassador to Pakistan Yao Jing was also present in the meeting.
An official said the investment by the Chinese companies is expected to generate opportunities of around 50,000 jobs in the first year. The Prime Minister said that China had always been a trusted partner of Pakistan and its leadership's sagacity, wisdom, vision of peace & development, good governance and poverty alleviation were very impressive.
Khan added that Chinese companies' interest for investment and relocating business and industrial units to Pakistan reflected the trust of Chinese side in Pakistan's economy and a desire to translate Pak-China equation into a win-win economic partnership. The government was working to facilitate investors by reducing impediments in ease of doing business, he said adding that partnership with Chinese companies and their investment would benefit both the countries equally with employment generation, transfer of technology and economic growth.
The Prime Minister said that China-Pakistan Economic Corridor (CPEC) would be a game-changer in terms of enhancing trade activities and to further cement Pak-China relations. Fast-track implementation of the CPEC projects was government's priority for which a special unit in Planning Division is overseeing implementation of various projects, he added.
Minister for Planning Khusro Bakhtiar and Advisor to PM on Commerce Abdul Razak Dawood briefed the meeting about CPEC projects and various steps being taken to facilitate businesses and improve ease of doing business.
The visiting delegation represented various sectors including construction, machinery, glass, automobile, electrical, power, transportation, information technology and technological research.
The visit of the Chinese delegation, according to Prime Minister Office, is a follow-up of the Prime Minister's visit to China and inking of agreements to enhance bilateral cooperation in different areas.
Chinese Ambassador Yao Jing remarked that Chinese investors would extend all possible support towards realising the vision of a strong, stable and prosperous Pakistan.
Advisor to PM on Finance Dr Abdul Hafeez Sheikh, Chairman Board of Investment (BoI) Syed Zubair Haider Gilani and Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi also attended the meeting.
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