Punjab, ICBC ink accord on trade, agriculture

LAHORE
PUNJAB Chief Minister Shahbaz Sharif has said that the visit of Chinese President is a good omen for Pakistani people and we are ready to accord him a warm welcome.
Talking to delegations of heads of Chinese development agencies, investment companies, financial institutions and banks in Murree, Sunday, the chief minister said Pak-China relations had always been exemplary and touched historic heights in the present tenure of President Mamnoon Hussain and Prime Minister Nawaz Sharif.
A Memorandum of Understanding (MoU) was signed between the Punjab government and Industrial and Commercial Bank of China (ICBC), the largest bank in the world, Sunday. Chief Minister Shahbaz Sharif was the chief guest. Chairman ICBC Jiang Jianqing was also present on the occasion.
According to the agreement, Industrial and Commercial Bank of China will provide technical cooperation in various sectors, including garments, auto assembling, cement, iron and steel, electricity items, agriculture implements in Punjab whereas the Bank will also provide financial facilities to the Punjab government. ICBC will also provide consultative services to the Punjab government in foreign investment sector.
Welcoming the agreement, the chief minister said the agreement would play a key role in the promotion of investment to be made with the cooperation of China. He said, no doubt, new excellent era of Pak-China friendship was going to start.
Chairman ICBC said the bank was ready to play the role of financial adviser for investment in Pakistan and not only China but investment would also be brought from other countries. Shahbaz Sharif said that the investment and cooperation of China would be highly valued.
Heads of Chinese big investment companies and experts of energy, infrastructure, transport and other sectors met Shahbaz Sharif.
Talking to the Chinese investors, Shahbaz Sharif said the entire world was astonished over the announcement of investment of 46 billion dollars by China in Pakistan.
No doubt, there is no example of such extraordinary investment in the history of the country, he added. He said historic agreements to be signed during the visit of Chinese President also include 20 billion dollars only for energy sector; after completion of energy projects by the end of 2017, 10,400 megawatt more electricity would be generated which would help in overcoming energy crisis. He said the projects of generating 2,500 megawatt electricity were being implemented in Punjab and all projects were being forwarded speedily. He expressed the hope that these projects would start generating electricity by 2017. He said that hydle as well as coal, gas, solar and other alternate sources were being utilised for generating electricity to resolve energy crisis.
In the presence of the chief minister, documents of agreement regarding up-gradation of transmission line were exchanged between NTDC and Chinese Company. According to agreement, transmission line will be expanded for supply of 900 megawatt solar energy from Quaid-e-Azam Solar Park. Speaking on the occasion, the chief minister said besides increasing electricity production, up-gradation and expansion of transmission line were equally important. He said up-gradation of transmission line would be completed on fast track before power generation.
Chinese investors said that due to historic and vibrant role of Shahbaz Sharif, Pak-China cooperation was promoted.
A high-level delegation of Global Mining Company and Shanghai Electric Corporation China called on Shahbaz Sharif. Talking to the delegation, Shahbaz Sharif said Pakistanis would remember forever the extraordinary cooperation and historic role of China for resolving energy crisis. Members of the Chinese delegation said that they were working here by considering Pakistan as their home. President Shanghai Electric Corporation China was leading the delegation which included Chinese investors and experts.