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| Pakistan eyes Chinese cooperation for robust economy, says Gilani |
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Wednesday, October 14, 2009
By our correspondent
BEIJING: Prime Minister Syed Yusuf Raza Gilani has said that Pakistan intends to achieve its objective of developing a robust economy through partnerships and joint investments with China in all spheres of life.
Talking to Levin Zhou, President of China International Capital Corporation (CICC), he proposed the creation of a joint ‘Pakistan-China Holding Company’ aimed at facilitating financing for Chinese companies intending to invest in Pakistan.
Prim Minister Gilani is to attend the 8th meeting of prime ministers of Shanghai Cooperation Organization (SCO) and also hold meetings with the Chinese leadership.
The prime minister noted that Pakistan could establish projects on equity basis rather than acquiring debt. He sought more investment in Pakistan’s hydropower and infrastructure development projects and said it would go a long way in generating economic activity and employment opportunities in the country. He urged the CICC to consider the possibility of collaboration in banking and financial sectors between the two countries by setting up consortiums to invest in Pakistan.
The CCIP President assured Gilani of every possible assistance to Pakistan in various sectors and help it overcome economic challenges.Established in 1995 as a strategic partnership among prestigious Chinese and international financial institutions and corporations, CICC is the first joint venture investment bank in China with a registered capital of US$125 million. It is currently involved in investment banking, capital markets, sales and trading, asset management and private equity.
Earlier China Development Bank (CDB), a top-ranking financial institution agreed to support Pakistan on undertaking major energy projects to help it overcome the energy crisis. Chairman CDB Chen Yuan, who called on Prime Minister Syed Yousuf Raza Gilani, expressed his bank’s keen interest in providing funding for several development projects in Pakistan particularly the renewable and alternative energy sectors.
The prime minister who is in Beijing to attend the summit of SCO, also invited CDB to finance and establish consortiums for mega projects in energy, telecommunications, infrastructure and minerals, with the help of Chinese corporations.
He said Pakistan government had offered free land for construction of Joint Investment Company facilities in Islamabad and welcomed opening of its branches in major cities.Gilani said Pakistan-China joint development ventures would not only strengthen ties between the two countries, but also help bring stability and prosperity to the region by ensuring transit trade and greater interaction among the states.
Chairman CDB said his bank had received a favourable response from the Chinese companies to undertake joint ventures in Pakistan in almost all sectors of economy.He said China has expertise in windmill and renewable energy, and CDB would facilitate in materializing these projects. The Pak-China Joint Investment Company established with a capital of $200 million, is working as a window of CDB for evaluation of joint ventures between the two countries.
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ISSN 1563-9479 
