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Business

October 24, 2017
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Chinese company clarifies position on Gwadar project

Chinese company clarifies position on Gwadar project

LONDON: The China-Pak Investment Corporation (CPIC) which has announced its intentions to invest up to $500 million in Pakistan's real estate sector has confirmed that it has all the necessary approvals while expressing dismay at the statement issued by the Ministry of Planning, Development & Reform.

The CPIC said it has acquired International Port City Project in Gwadar, Pakistan, which has NOC Number 74/07/HS/GDA (B) issued by the Gwadar Development Authority (GDA). On the official website of the GDA, the NOC can be seen clearly in the last updated list till September 2017 by the authority.

The CPIC said that a name change application has been submitted to GDA for changing the name to “China Pak Hills”, which has been received by the port city authority. The name change is a right of any project as per bylaws and has been done in several projects in Gwadar under GDA rules, it said in a statement to this scribe.

A copy was passed to this reporter which shows that the GDA confirmed receipt of an application for the name change on the 5th of October 2017, stating: “you are requested to please process the change of name from International Port City to China Pak Hills”.

The CPIC said that the USD $500 million amount is the gross development value of the anticipated projects planned to be undertaken by China-Pak Investment Corporation over the next 5 years.

It clarified that an MOU has been signed with Top International Engineering Corporation (TIEC), a subsidiary of Shaanxi Construction Engineering Group Corporation (SCEGC), a Chinese state owned organization for development and construction of the project.
It said that the CPIC looks forward to working closely with the Gwadar Development Authority and the Ministry of Planning, Development & Reform to contribute to the growth story of Emerging Pakistan by applying international development standards to attract Foreign Direct Investment into the real estate sector.

While the statement issued by the Ministry of Planning, Development and Reform itself was cautious in its wording, its spokesman took to Twitter to launch a scathing attack on the company and denied any knowledge of any kind of investment in Gwadar.

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