Pakistan upbeat about massive Chinese investments as PM concludes successful visit to China

Islamabad: Pakistan is upbeat about massive investments from the Chinese companies in the months to come as Prime Minister Shehbaz Sharif completed a successful visit to Beijing where he met the top Chinese leadership.
PM Shehbaz Sharif met Chinese President Xi Jinping and Chinese Premier Li Keqiang among others during his two-day official visit which ended on Wednesday.
Prime Minister Sharif took the opportunity to invite the Chinese corporate heads to visit Pakistan and invest in the government’s comprehensive solar power project aimed at generating 10,000 mega watt electricity.
The leading Chinese companies expressed keen interest to invest in Pakistan’s solar, water and other infrastructure projects.
As the PM landed in China, Federal Minister for Power Engineer Khurram Dastgir Khan said that the China-Pakistan Economic Corridor (CPEC) will lighten up Pakistan.
He contended that all development projects under CPEC and government initiatives were being revived.
The minister highlighted that work on 775-megawatt Karot hydro electric power project had already been started while work on 1,320MW Shanghai Thar coal project would be initiated very soon. He said that the coalition government’s mission was to put Pakistan on road to progress and prosperity.
PM Sharif, in a meeting with Chinese investors and businessmen said the government since assuming power in April had resolved several issues pertaining to them and had paid them the pending dues of Pakistani Rs 160 billion. An amount of Rs 50 billion has been paid to them yesterday, he added.
He mentioned that a revolving fund had been established by the State Bank of Pakistan on the directive of Finance Minister Ishaq Dar with a seed money of Rs 50 billion.
He regretted the obstacles faced by the Chinese companies in the past on the matters concerning the payment of imported coal. He vowed addressing on priority the issues relating to the land acquisition for construction of Diamer Bhasha Dam and other hurdles in way to completion of Mohmand Dam.
Pakistani Federal Minister for Climate Change Sherry Rehman said that the massive Chinese investments were expected in the months to come.
“The Chinese companies have agreed to invest heavily in Pakistan. This will be equally beneficial for both the friendly countries,” she remarked.
The federal minister appreciated China for considering investments in Pakistan during the ongoing financial crises due to the floods’ destruction.
Commerce Minister Syed Naveed Qamar predicted a massive economic turnaround as the second phase of the CPEC was being launched.
“The second phase of the CPEC carries even more benefit for Pakistan and its people. There will be loads of jobs and lots of development,” he added.