October 21, 2003	Tuesday	Sha'aban 24, 1424

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ISLAMABAD, Oct 20: Pakistan has offered lands to Chinese investors on deferred payment to develop low-income housing on commercial basis in all the major cities of the country.

“Initially, 200 to 300 acres would be offered to the Chinese investors in Karachi, Lahore, Faisalabad, Hyderabad and Rawalpindi-Islamabad to develop the much needed low-income housing schemes,” Board of Investment (BoI) Chairman Waseem Haqqie said.

Talking to Dawn after his return from Shanghai where he had gone to attend a “Pakistan investment seminar” held on Oct 16, he said the government was also considering a proposal to set up special industrial zones for Chinese investors where they could develop display centres for their products.

He said such industrial zones were likely to be established in Karachi, Lahore, Faisalabad and Sambrial (Sialkot).

Mr Haqqie said Chinese investors had shown their willingness to undertake joint ventures with their Pakistani counterparts specially in the field of auto-parts and manufacturing of engines of various vehicles.

“We expect a sizable Chinese investment specially after President Musharraf’s visit to China scheduled for Nov 4,” the BoI chairman said, adding that a number of agreements were expected to be signed during the visit in the field of manufacturing of trucks, light commercial vehicles, building material, automotive and spares, pesticides, automobile wheels, marble and granite.

Moreover, Pakistan also expected Chinese investment in marble/quarrying, housing and construction sectors, he added. He said Chinese investors would shortly be visiting Pakistan to explore the possibilities of new investment in the country.

The BoI chairman said the Shanghai conference provided a unique opportunity to businessmen from both the countries to have a close interaction and understand investment climate in Pakistan.

He said vice-chairman of the Shanghai Foreign Economic Relations and Trade Commission in his speech at the conference asked the Chinese businessmen to take advantage of the time-tested Pakistan-China friendship by establishing joint ventures.

The conference was attended by 300 participants, including 175 leading Chinese companies. In addition, 100 Pakistani/groups and around 30 overseas Pakistanis participated in the conference.