ISLAMABAD Nov 24: Prime Minister Shaukat Aziz has invited Chinese private sector investors to invest in Pakistan for it is an ideal destination to become a hub for Chinese companies to manufacture their products for onward export to the world.

The prime minister was talking to a delegation of Chinese private sector bus manufacturing company, Zonda Industrial Group, led by its President Xu Lian Kuan, which called on him at the Prime Minister's House, says an official handout.

The prime minister said that Pakistan was open to foreign investment and welcomed the Chinese private sector to invest in the rapidly growing transportation business in the country.

Mr Aziz said that Pakistan's investment policies were based on the key elements of liberalisation, privatisation and deregulation. Due to economic-friendly policies adopted by the government, foreign direct investment in the country had grown to an all-time high, leading to enhanced economic activity and demand in the country, he added.

The prime minister said that the growing economic activity in the country had increased the transportation demands of the country which was growing with every passing day.Xu Lian Kuan said that he was encouraged by the visit of Chinese President Hu Jintao to Pakistan and signing of various agreements. He also apprised the prime minister of his group's interest in setting up a modern and state-of-the-art buses assembly plant in Pakistan under a joint venture with local investors.

EDB: The Engineering Development Board (EDB) has offered Chinese entrepreneurs to serve as a focal point as well as to start a one-window operation for matchmaking with Pakistani entrepreneurs for investment in the engineering sector in Pakistan.

In a meeting held here on Friday, the visiting delegation of Chinese entrepreneurs led by the chief of Technology Incubation Centre was told by the Pakistan executives that there was a lack of information about hi-tech Chinese companies in Pakistan which was hindering joint ventures in various hi-tech fields. Expressing desire to have joint ventures, the Pakistani executives especially pinpointed various sectors, including server motors, gas appliances, compressors and auto engines and solar power manufacturing system.

A paper was also circulated giving proposals for Chinese investment in light industry. It contains proposals in automotive parts, components manufacturing industry, electric appliances, parts of bicycle, CNG, machine tools and miscellaneous

products.

The delegation, which is a part of the entourage of visiting Chinese president, was briefed about the working of the board and was provided with an opportunity to meet local engineering companies exclusively. Basic information about the companies and their products were exchanged.

The Chinese entrepreneurs mostly representing the hi-tech sector showed interest in increasing trade between the two countries. Some of them invited Pakistani industrialists to visit China in order to further explore the possibilities of collaborations.