ISLAMABAD, Nov 23: A six-member Chinese delegation led by China Metallurgical Construction Corporation (MCC) Vice-President Yang Mingde called on Federal Minister for Industries and Production Jehangir Khan Tareen here on Tuesday.
The delegation expressed its interest to invest millions of dollars in the revamping and expansion project of Pakistan Steel Mills. The delegation informed the minister that the MCC was a large state-owned corporation which had undertaken construction of a number of strategic steel production bases such as Baosteel Complex of Shanghai and Anshan Steel Works.
Besides construction of new iron and steel plants, the MCC has also strong capability, techniques and experiences in rehabilitating and revamping old iron and steel plants, they said.
The minister said Pakistan was pursuing a liberal industrial policy which aimed to attract investment by creating an investor-friendly environment with a focus on further opening up the economy and marketing potential for direct foreign investment.
He said the Chinese company should also invest in other sectors for which Pakistan would provide all possible facilities and technical support to them. Mr Tareen said the MCC should also invest in the exploitation of iron ores and minerals in Pakistan.
He pointed out that his ministry would identify six sites within a week where iron ore deposits existed but which had not been exploited due to their low grading or being deep-seated.
He said due to increase in the prices of steel, it had now been possible to exploit these previously uneconomical deposits. These matters would be discussed during the forthcoming visit of Prime Minister Shaukat Aziz to China, he added.
The leader of Chinese delegation appreciated the economic reforms introduced by Pakistan during the last five years. He said Pakistan offered great incentives and a conducive environment for foreign investment.
