ISLAMABAD, Nov 7: A high-powered Chinese business delegation will visit Pakistan shortly as a follow-up of President Pervez Musharraf’s visit to China in order to discuss new joint ventures between the two countries.

“We have been assured that a delegation of China’s leading businessmen would visit Pakistan soon for making new investment and undertaking joint ventures with their Pakistani counterparts,” said Board of Investment chairman Waseem Haqqie.

Talking to Dawn here on Friday, he said Chinese businessmen looked inclined to make use of $500 million credit line approved by the Chinese government to do business in Pakistan.

Mr Haqqie, who visited China along with the president and had earlier spearheaded an advance investors’ conference held in Shanghai on October 16, said Chinese businessmen had shown their keen interest in investing in Pakistan.

He pointed out that 20 agreements had been signed with China, which included 12 MoUs, two letters of intent (LoIs) and six joint ventures. It has also been agreed between the two sides that China will invest in the manufacturing of seven different kinds of vehicles and two motorcycle projects, he added.

He said China was currently producing 1.5 million vehicles of various kinds annually and was keen to set up its car manufacturing plants in Pakistan.

Responding to a question, the BoI chairman said that Pakistan had received an encouraging response from the Chinese businessmen to establish industrial estates and cluster parks in Pakistan. “And for this purpose, we have offered them 200/300 acres of land on deferred payment,” he said, hoping that Chinese would develop huge land on their own with a view to setting up low cost housing in the country.

Pakistan, he said, was now expecting a sizable Chinese investment, specially after the visit of President Pervez Musharraf.

He said Chinese business community seemed well disposed to start production of a number of items in the proposed industrial estates and cluster parks.

In reply to a question, he said that 40 Chinese companies were already operating in Pakistan and now another 20 of them would invest and set up their business houses in the country.

The BoI chairman said that a number of new areas had been identified for possible new Chinese investment. However, he urged Pakistani businessmen to increase interaction with their Chinese counterparts so as to have greater collaboration between the two sides.