ISLAMABAD, March 15: Federal Minister for Privatization and Investment Dr Abdul Hafeez Sheikh has said that 31 Chinese companies are successfully operating in Pakistan in the Oil and Gas, IT, Telecom, Power Generation, Engineering, Automobiles, Infrastructure and Mining sectors.

The minister was talking to a high-level 19-member Chinese investment delegation led by China Enterprise Confederation President Chen Jinhua, which called on him here on Tuesday.

According to an official handout issued here, Dr Hafeez noted that during the last three years investment from China had increased which needed to be enhanced further through serious, committed efforts by the private sector of both the countries keeping in view “our long-term relations.”

Mr Chen, who is one of the architects of China’s economic planning and reforms, lauded the economic reforms undertaken by Pakistan under the present regime.

He said that there existed vast potential for Chinese companies to invest in various sectors of Pakistan’s economy. He stressed upon the investors of both the countries to work together to explore new avenues and opportunities to enhance the existing bilateral trade and investment relations while ensuring the transfer of technology.

Earlier, the minister briefed the delegation regarding the economic reforms initiated by the government and informed that these reforms had started yielding results.

Meanwhile, Petroleum and Natural Resources Minister Amanullah Khan Jadoon assured that Pakistan would encourage and facilitate Chinese investors in setting up of oil refinery, steel mill in Punjab, mining of marble and granite in NWFP and oil and gas exploration activities.

This offer was made to a 22-member Chinese businessmen delegation headed by the chairman of All China Enterprises Confederation (CEC), which called on him here on Tuesday to discuss investment opportunities in oil, gas and mineral fields.

The Chinese ambassador, the petroleum secretary, JS (Development), DGs of oil, gas, mineral and petroleum concessions, HDIP, special projects and the managing director of OGDCL were also present.

The minister briefed the delegation about the ongoing and upcoming development activities in the petroleum sector and sought Chinese investment. He said Pakistan could also benefit from the Chinese expertise in the upgradation of oil and gas sectors.