The President mentioned the Government of Pakistan's “Policy for Development of Renewable Energy for Power Generation” that offers very attractive incentives. - File photo

URUMQI: President Asif Ali Zardari Wednesday invited China's industrial giants and large business groups and companies to take benefit from Pakistan's investment-friendly and incentives-driven policies by investing in diverse fields, particularly in energy, infrastructure, communication and agriculture sectors.

He said Pakistan which is a growing economy with around 180 million people and had huge untapped natural resources coupled with the government's pro-investment policies and incentives such as no restriction on equity or repatriation of capital gains, was an attractive place for foreign investors.

The President said that the enhanced investment by Chinese industrial and corporate sector companies and groups in different fields and projects in Pakistan including electricity generation, oil and gas exploration, coal mining, infrastructure, communication, telecom, agriculture and dairy development etc. would be welcomed as a win-win scenario.

President Zardari was talking to the heads and Chief Executive Officers (CEOs) of China's major industrial and corporate sector companies, groups and consortiums, who separately called on him here on the sidelines of the first China-Eurasia Expo and discussed the prospects and opportunities of trade and investment in Pakistan.

The Federal Ministers, who were accompanying the President in the visit as well as senior officials and spokesperson to the President Farhatullah Babar were also present in the meetings.

Farhatullah Babar briefing the Pakistani official media in Urumqi said that over a dozen top executives of China's industrial and corporate sector, who met the President included Chairman of Tebian Electric and Apparatus Stock Co. Ltd (TBEA), Zhang Xin, Chairman and CEO of Goldwind Science and Technology Company Ltd, Gang Wu, Chairman and CEO of Orient Group, Zhang Hongwei, CEO Beiqi Foton Ltd, Wang Jinyu, Chairman of Jinchuan Group Ltd, Yang Zhi Qiang, Chairman of SinoTrans Group Xinjiang, Yuan Jianmin and the Bond Consortium.

The President during his meeting with Chairman TBEA - which is the fastest developed company in China's power transmission industry, appreciated the company's interest in Pakistan and its $ 3.5 billion agreement with Pakistan's NTDC (National Transmission and Dispatch Company) and China Development Bank (CDB) to supply transmission equipment to Pakistan.

The President said that the present government of Pakistan in order to improve the country's energy resources was focused on building mega hydropower projects in Diamer Bhasha and Bunji.

Development of Thar Coal field and electricity generation through coal gasification is also on cards, he said and added that Pakistan needs to revamp its existing transmission lines as well as building new ones for efficient transmission and reducing line losses.

The President also welcomed TBEA's interest in acquiring the Heavy Electrical Complex and invited the attention of Chairman TBEA towards government's investment friendly policies, particularly for investments from China.

He said TBEA can take advantage of the opportunities that existed in Pakistan especially in electric generation and transmission fields.

The President during his meeting with the Chairman and CEO Goldwind - one of the largest wind turbine manufacturers in the world with operations in Asia, Australia, Europe, and America, said that Pakistan has huge potential of producing electricity from wind.

The Gharo-Keti Bandar wind corridor alone has a potential of producing approximately 50,000 MW, he said, adding, Pakistan expects to generate at least 5% of its total power generation from Alternate Renewable Energy sources by the year 2030.

The President mentioned the Government of Pakistan's “Policy for Development of Renewable Energy for Power Generation” that offers very attractive incentives.

He appreciated the Goldwind's interest in developing Wind power technology in Pakistan and said the company can also participate in the development of wind farms through Direct Foreign Investment DFI.

The President said Goldwind can also collaborate with Pakistani engineering industries for local manufacturing of wind turbines. He assured that the Government of Pakistan will provide full facilitation through AEDB (Alternate Energy Development Board).

Banks and financing institutions may finance commercial projects through equity sharing, he added.

During the meeting with the Chairman of Jinchuan Group - one of the biggest mining companies in China and the World in Nickel, Copper, Platinum, and Non Ferrous Metals, the President appreciated the Group's achievements in just 50 years and thanked for their interest in the investment and economic cooperation with Pakistan.

The President said since Pakistan and China have a very good cooperation in Mines and Minerals and with China being a major importer of chromium ores, copper and minerals from Pakistan, the interest of Jinchuan Group is a welcome development.