China becomes Top FD Investor in Pakistan After CPEC


China becomes Top FD Investor in Pakistan After CPEC
Minister for Planning Development and Reform Ahsan Iqbal on Thursday said that China was now the number one Foreign Direct Investor (FDI) in Pakistan, just within two years of start of China-Pakistan Economic Corridor (CPEC).
He was addressing the “Belt & Road” China-Pakistan Economic Corridor Investment and Construction Cooperation Forum in Beijing, China.
The Minister also reaffirmed Pakistan government’s firm resolve and commitment to the CPEC during his address and said that Prime Minister is personally supervising implementation of CPEC projects.
According to a message received here from China, Ahsan Iqbal said that Pakistan was emerging as the favorite investment destination with economic reforms undertaken by government.
Around 10,000 MW electricity will be added by 2018 and additional 15,000 MW by 2025, he said adding that the government was building new dams, including Diamer Bhasha Dam to overcome Food Security.
He said that Balochistan and Khyber Pakhtunkhwa (KP) were rich in minerals and economic zones were being developed to take advantage of minerals and industries in Pakistan.
The planning 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, the Minister highlighted.
He said that government of Pakistan was committed to put Pakistan among top 15 economies by 2025.
“CPEC has taken Pakistan China friendship higher than Himalayas to beyond stars”, said the Minister.
The Chief Minister of the resource rich Baluchistan province Sanaullah Khan Zehri also attend the Seminar.
The event has been organized by Pak-China Investment Company, Frontier Works Organization (FWO) and China International Contractors Association and the Embassy of Pakistan in Beijing.
Madam Zhao Baige Vice Chair Person of Foreign Affairs Committee of National People’s Congress and Fang Qiuchen President China International Contractors Association also spoke on the occasion.
Federal Planning Minister Ahsan Iqbal and Chief Minister Balochistan Sanaullah Khan Zehri also witnessed signing of an MoU of collaboration between Pak-China Investment Company, Frontier Works Organization (FWO) and China International Contractors Association during the seminar.
The Seminar was attended by around 200 participants of top Chinese and Pakistani companies.Pakistan and China have signed an agreement for the launch of a special satellite to monitor the development of the $46 billion China-Pakistan Economic Corridor (CPEC) projects.
Minister for Planning, Development and Reform, Ahsan Iqbal on behalf of Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) and China Great Wall Industry Cooperation (CGWIC) President Yin Limping signed the agreement here yesterday.
The two sides agreed for the development and launch of the ‘Pakistan Remote Sensing Satellite (PRSS-1) System’ and in this regard launch a satellite in June 2018, Dawn reported.
Speaking on the occasion, Iqbal said that bilateral cooperation between the two countries in space domain would open new vistas of socio-economic and scientific cooperation, giving boost to the historic bilateral cordial relations in other fields.
Space technology is fundamental in socio-economic development, infrastructure upgradation, agriculture production, urban planning in new age, he added.
The minister said that the agreement would also transfer space technology to Pakistan and the PRSS-1 is yet another flagship project between China-Pakistan relations after CPEC.
It would go a long way to redefine the bilateral relations, he said.
The new project would also help Pakistan in national security arena by strengthening border security and surveillance apparatus, Iqbal said.
The CPEC is a $46 billion project launched with the help of China to connect western China to southern Pakistan’s port city of Gawadar, giving Beijing an opening to the Arabian Sea.
India has been protesting the corridor’s passing through Pakistan-occupied Kashmir ever since the project was kicked off by President Xi Jinping during his visit to Islamabad last year.
Courtesy: Business Recorder

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