Chinese industrialists Plan $1billion Investment in CPEC Projects
- The Chinese industrialists have shown willingness to invest $1 billion in various sectors; automotive, textiles, agriculture, information technology, and telecom industries.
- The Chinese delegation from the city of Chongqing met the Planning Minister and discussed various proposals.
- The Ministry of Planning assured to extend support and facilitate investment in order to improve the economic cooperation between the two countries.
The Chinese investors have shown willingness to invest around $1 billion in various sectors; agriculture, automotive, textiles, and related industries.
The Chinese delegation from the city of Chongqing held a meeting with the Minister of Planning, Makhdoom Khusro Bakhtyar and discussed tenders to explore opportunities for future cooperation.
The Planning Minister assured that the ministry will extend support and facilitate investment to improve the economic cooperation between the two countries.
He said that the Planning Ministry is focusing on promoting export-led industry and import substitution for constant economic growth.
While discussing China-Pakistan Economic Corridor (CPEC), the Planning Minister said: “The China-Pakistan Economic Corridor has now entered its second phase with a focus on industrial and agriculture cooperation, socioeconomic development and Gwadar.”
He said that the establishment of industrial zones has the potential to revive Pakistan’s industrial sector.
“China initiated infrastructure and energy projects worth $62 billion in Pakistan as part of its Belt and Road Initiative,” The Minister said.
China is helpful in increasing Pakistan’s exports by relocating export-oriented industries and initiating joint ventures in various fields. This will boost cooperation and strengthen the bilateral economic partnership between both countries, he added.
The head of the Chinese delegation, Pan Guangfengsaid the investors could raise $300-500 million for Special Economic Zone (SEZ) infrastructure development with an umbrella investment of $1 billion in several sectors.
The Chinese delegation assured their collaboration in technological innovation and up-gradation, e-commerce, job creation and development of human resource capabilities. They hoped that Chinese investment would help Pakistan to create 500,000 direct jobs for local youths.