ISLAMABAD: Leading Chinese companies on Friday assured Prime Minister Imran Khan that they would invest $5 billion in different sectors in Pakistan in the next three to five years.

The assurance was extended to the prime minister by a Chinese delegation, comprising more than 55 executives and heads of leading Chinese companies, during a meeting at the Prime Minister Office (PMO).

Federal Minister for Planning Makhdoom Khusro Bakhtiar, Adviser to the PM on Finance Dr Abdul Hafeez Shaikh, Adviser to the PM on Commerce Abdul Razak Dawood, Board of Investment chairman Syed Zubair Haider Gilani and Federal Board of Revenue Chairman Syed Shabbar Zaidi, besides Chinese Ambassador Yao Jing, were also present.

An official press release issued by the PMO said that the Chinese business executives expressed confidence in the business-friendly policies of the government and committed to investing $5bn over a period of three to five years in various small and medium size industrial sectors.

35-member Chinese business delegation meets Imran

The delegation represented various sectors including construction, machinery, glass, automobile, power, transportation, information technology and technological research.

The visit of the largest ever Chinese delegation to Pakistan is said to be a follow-up of the prime minister’s recent visit to China and inking of agreements to enhance bilateral cooperation in different areas.

Prime Minister Khan welcomed the Chinese delegation and said China has always been a trusted partner of Pakistan. The prime minister was quoted as saying that the sagacity, wisdom and vision of the Chinese leadership for peace and development, good governance and poverty alleviation was impressive and worth emulating.

“The interest of Chinese companies in investment and relocating business and industrial units to Pakistan reflects the trust of Chinese side in the growing economy of our country and a strong desire to translate Pak-China equation into a win-win economic partnership,” he added.

“Our government is facilitating investors and reducing impediments to doing business. Partnership with Chinese companies and their investment will yield multiple benefits for both the countries, including employment generation, transfer of technology and economic growth,” the prime minister said.

Talking about the China-Pakistan Economic Corridor, he reiterated that CPEC would prove to be a game-changer project in respect of enhancing trade activities and further cementing bilateral relations. “Fast-track implementation of the CPEC projects is our priority and a special unit set up in the Planning Division is overseeing implementation of various projects,” he added.

The Chinese ambassador said that investors from his country had observed fundamental improvement in government policies and facilitation of foreign investors in Pakistan. “The Chinese government would extend all possible support towards realising the vision of a strong, stable and prosperous Naya Pakistan,” he said.

The planning minister and Mr Dawood briefed the meeting about the CPEC projects and various steps being taken to facilitate business and improve ease of doing business.

Published in Dawn, July 13th, 2019