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A five member Chinese delegation from China National Machinery Import &
Export Corporation (CMC) led by CMC Vice President Mr. Shan Wei currently
visiting Pakistan held a meeting with Dr. Abdul Hafeez Shaikh Federal Minister
for Privatisation & Investment here today.
The Minister while appreciating the CMC's keen interest in Pakistan's mineral
and energy projects said that Pakistan's coal mining area was so far under
explored as in the world 38 % energy was being produced out of coal whereas in
Pakistan the ratio was 1 %. There existed tremendous scope for investors in
both coal mining and power generation projects in Pakistan, which would be
beneficial for Pakistan's future and would increase the use of this indigenous
fuel to produce energy and to operate other various industries as it was done
in the cement industry, he said.
Dr. Hafeez Shaikh assured the delegation of full support and assistance in
undertaking first time in Pakistan a large scale energy project on BOO basis,
by one of the largest State company CMC of China, being developed near Karachi
at Sonda-Jherruk in Sindh province and stated that the Chinese people were
very close to the hearts of Pakistani people and investment from China was
always welcomed. The government of Pakistan was taking all steps to encourage
and attract foreign and local investors without any distinction between them
and providing a level playing field, he added.
He further stated that 31 Chinese companies were successfully operating in
Pakistan in the Oil & Gas, IT, Telecom, Power Generation, Engineering,
Automobiles, Infrastructure and Mining sectors and noted that during the last
three years investment from China has increased, which needed to be enhanced
through serious, committed efforts by the private sector of both the countries
keeping in view our long term relations.
The leader of the delegation informed the Minister that a Memorandum of
Understanding (MOU) has been signed with the Sindh Coal Authority of
Government of Sindh by CMC with TASAQ International (Pvt) Ltd as Sole
representative & cooperation party, which envisaged carrying out exploration
at site and completion of detailed feasibility for one million tons coal mine
and a 250 MW Power House within 18 months at a cost of US $: 03 million. The
project is included in the Agenda of the Joint Economic Commission between
China and Pakistan.
The delegation lauded the economic reforms undertaken by Pakistan under the
leadership of President General Pervez Musharraf and Prime Minister Shaukat
Aziz and 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.