RAWALPINDI, April 27: President General Pervez Musharraf on Thursday saw immense scope for joint ventures and investment between Pakistan and China in the energy sector and pledged to turn the country into a trade, industry and energy corridor for the benefit of the two countries and the whole region.
“When Karakoram Highway was built, the world called it the eighth wonder. We can create the ninth and tenth wonders by establishing energy pipelines and railway linkages between the two fast growing economies,” he said.
Addressing a group of China’s private and public sector leaders, who are here for the three-day Pakistan-China Energy Forum, the president pledged to make use of Pakistan’s location as a gateway for oil and trade between China and other regions and build exclusive industrial zones for Chinese entrepreneurs.
“Pakistan offers an ideal environment for Chinese investors as our economy is on the path of high economic growth,” he said during the two-hour interaction at the conclusion of which the two sides signed a memorandum of understanding for trade and economic cooperation.
Gen Musharraf said the government would facilitate Chinese investment in various industrial sectors offering promising returns.
“We particularly look forward to materialising cooperation in the energy sector where establishment of oil refineries, oil storage facilities and gas pipelines stand out.”
He stressed that the business communities of the two countries would serve as engines of growth while their governments were firmly resolved to play the role of facilitator.
Counting the benefits China would be reaping by availing Pakistan as energy corridor, the president said his country offered the shortest route for import of fuel for China from the Gulf region and Central Asia.
“Similarly, the Chinese investors can expand their business by establishing their export-oriented concerns in Pakistan as we are located at the heart of South Asia, Central Asia, the Gulf and China...plus we are also constructing large warehouses.”
He said Pakistan was finalising gas pipeline projects with regional countries, including Iran and Turkmenistan.
President Musharraf pointed out that in addition to exploring gas avenues, Pakistan would look for nuclear energy and at the same time use its coal reserves, hydel power potential and other sources of energy such as solar and windmills.—APP
