KARACHI, Dec 2: China Investment Corporation (CIC) president Gao Xiqing has said that Pakistan is an investment-friendly country and after visiting Pakistan his opinion about the risk profile of the country has changed positively.

The CIC president, who is leading a delegation visiting Pakistan, was speaking after a briefing given to the delegation by Sindh Chief Minister Syed Qaim Ali Shah regarding Chinese investment in development of Thar coal mining and power projects at the Chief Minister’s House on Sunday.

The delegation took keen interest in these projects and asked details about coal quality, Pakistani financial and corporate structure, tax system and fiscal incentives approved by the government.

Other members of the Chinese delegation included chief strategy officer Zhou Yuan, president of CIC International (Hong Kong) Fan Kunsheng, managing director Cao Yu, vice president Lu Jinuo and director Li Xinxin.

Besides the chief minister, others who were present at the meeting were agriculture minister Syed Ali Nawaz Shah, former finance minister Syed Murad Ali Shah, revenue minister Jam Mehtab Dahar, chairman of the Sindh board of investment Mohammed Zubair Motiwala, Sindh chief secretary Raja Mohammad Abbas and others.

Earlier welcoming the delegation, the chief minister appreciated China’s contribution to infrastructure and industrial development projects in Pakistan.

He recalled that Pakistan’s coal resource potential was estimated to be around 186 billion tonnes and out of which 175 billion tonnes were found in Thar — the largest lignite deposit in the world.

Inviting Chinese investment in Thar coal projects, the chief minister said that the government had formulated investment-friendly policies and fiscal incentives for coal development.

All required infrastructure for projects, like roads, water supply, mine-water disposal, airport and transmission lines were being developed by the government, he added.

The managing director of the Thar Coal and Energy Board, Aijaz Ali Khan, briefed the delegation.

He proposed that an energy investment fund by the China Investment Corporation in collaboration with the Sindh/ Pakistan government for financing energy projects in Sindh could be created acquiring new blocks in Thar coal field.

He said that besides equity, the CIC could also finance in bonds. “We have sovereign guarantee for some projects,” he added.

Engro Corporation president Aliuddin Ansari briefed the delegation on 6.5 million tonne per annum coal mining and 1,200 megawatts power project.

He said that a feasibility study for the mining had been completed by internationally renowned consultants in compliance with international standards by Sinocoal China, RWE Germany, SRK UK and Northeast Coal Bureau, China. Global Minining China chairman Liyang Liu briefed the delegation on Thar block-I project of 10 million tonne per annum coal mining and 900 megawatt power generation.

The chairman of the Sindh Board of Investment, Zubair Motiwala, said the Thar area had been declared a special economic zone while there was 350 kilometre coastal belt with good quality fish and shrimps.