120 Chinese enterises work in Pakistan. China has invested in Pakistan telecommunication,energy,infrastructure,heavy engineering,IT,mining,and defence industries.Chinese mega corporations will make an investment of over $10 billion in three major sectors of Pakistan not only to pace up the economic growth but also assist the country in addressing the energy crisis, it was reliably learnt here on Wednesday.
A dozen of Chinese firms, mainly dealing in power and energy generation, proposed to President Asif Ali Zardari in his last visit that they are ready to invest in power and energy generation, which are severely hit because of the lack of resources and financial constrains, an official of the Board of Investment told NNI requesting anonymity.
“Power outages are one of the major hurdles to run the manufacturing units at their full capacity. The Chinese firms also expressed their willingness to execute the hydro, nuclear and wind power projects. They will also explore the untapped sectors like highways and housing in Pakistan,” the official said.
The official said the Chinese firms showed interest in investing in these sectors. He said Pakistan plans to launch a mega project to build high-rise apartments in all cities for government employees. “These will be joint project between consortia of Chinese and Pakistani private companies. The government will provide land and some essential inputs,” he said.
The Chinese corporations which participated in the discussions included the EXIM Bank of China, The Three Gorges Dam Project Corporation, China Northern Railways Corporation, China Northern Industries Corporation, China Petrochemical Corporation, Sinotruk, Tebian Electric & Apparatus Stock Co., Sinohydro Corporation, and Industrial & Commercial Bank of China.
Two highways are to be built in Pakistan’s Gilgit-Baltistan area, including 165-kilometre Skardu-Jaglot and 135-kilometre Thakot-Sazin highways and out of the total cost of Rs45 billion or $530 million, China would provide 85 per cent funding and Pakistan would bear 15 per cent, he said.
The official said that contrary to the Chinese generous offer to Pakistan, the Obama administration has announced $7.5 billion under Kerry-Lugar Bill (KLB) — an annual aid of $1.5 billion — in most of the hypothetical projects where most of the aid is being used for the capacity building of institutions.
“A Chinese company plans to generate 500 megawatts of wind power. It will set wind turbines along the coastal areas of Sindh at a cost of one billion dollars,” he said.
“According to the Chinese minister for trade estimates, the present volume of two-way trade with Pakistan can be doubled to 15 billion dollars by 2015 under the Free Trade Agreement and other arrangements,” he added.
The official said that China has become Pakistan’s second largest trading partner.
He said that Beijing is making steady progress in cooperation with Pakistan in energy and telecom sectors including construction of Neelum-Jhelum hydropower project and Pakistan telecommunications satellite project.
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