Wednesday November 29, 2023

‘China becomes top foreign direct investor in Pakistan’

By our correspondents
April 29, 2016

ISLAMABAD: China has become the number one foreign direct investor in Pakistan just within two years of start of China-Pakistan Economic Corridor (CPEC), Minister for Planning, Development and Reform Ahsan Iqbal said on Thursday.

He was addressing the Belt and Road China-Pakistan Economic Corridor Investment and Construction Cooperation Forum in Beijing.

The minister also reaffirmed Pakistan government's resolve and commitment to the CPEC during his address and said that Prime Minister Nawaz Sharif is personally supervising implementation of CPEC projects.

According to a message received from China, Iqbal said that Pakistan is emerging as the favourite investment destination with economic reforms undertaken by the government.

Regarding energy crisis, he said that around 10,000MW will be added to the national grid by 2018 and an additional 15,000MW by 2025, adding that the government is building new dams, including Diamer-Bhasha Dam to overcome food security.

Balochistan and Khyber-Pakhtunkhwa are rich in minerals and economic zones are being developed to take advantage of minerals and industries in Pakistan.

The minister said that modern transport infrastructure under CPEC would make Pakistan's economy competitive. Western and Eastern routes will link all regions with China.

China's technology and experience combined with location and low-cost advantage of Pakistan will create world-class production platform, Iqbal said.

He said that the government of Pakistan is committed to put Pakistan among the Top 15 economies by 2025.

CPEC has taken Pakistan-China friendship higher than Himalayas to beyond stars, he said.

The event was organised by Pak-China Investment Company, Frontier Works Organisation (FWO) and China International Contractors Association and the Embassy of Pakistan in Beijing.

Madam Zhao Baige, vice chairperson of Foreign Affairs Committee of the National People's Congress, and Fang Qiuchen, president of the China International Contractors Association, also spoke on the occasion.  The seminar was attended by around 200 participants of top Chinese and Pakistani companies.