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The investment from China as compare to the last year has improved
significantly and it is progressing forward satisfactorily. Dr. Abdul Hafeez
Shaikh Federal Minister for Privatisation & Investment made these remarks
during a meeting with a high level 33 member Chinese mission visiting Pakistan
regarding National Commission for Human Development and Pakistan Human
Development Fund headed by Mr. Hu Deping, Vice President and Secretary General
China Society for Promotion of the Guangcai Program, Member Standing Committee
National People's Congress and Vice Chairman All-China Federation of Industry
& Commerce here today.
The Minister said that there exists a vast scope for Chinese investors to
invest in Pakistan's Oil & Gas, Infrastructure, Banking, Power, offshore and
onshore exploration, agriculture, tourism, housing and construction sectors
and invited them to participate in the privatisation of Pakistan Steel Mills
(PSM), Karachi Shipyard & Engineering Works (KSEW) and Oil & Gas related
transactions. He appreciated China's presence in the development of a mega
project of Gawadar Port and various coal related projects and stated that the
strong bonds of friendship between both the countries required to accelerate
the pace of economic interaction to new heights.
Elucidating the salient features of Pakistan's growing economy, Dr. Shaikh
informed the mission that the reforms being persuaded with consistency and
continuity during the last five years in budget, capital market, deregulation,
opening up of investment regime; privatisation, trade etc have
started yielding results. Foreign Direct Investment during the last three
years doubled, imports and exports were at highest level, exchange rate
remained stable, and growth rate approaching from 6.5 % to 7.5 %, growth in
all sectors of manufacturing witnessed 18 % increase while during the eight
months of last year 50 % increase noticed in investment, he added.
The leader of the Chinese Mission Mr. Hu Deping while lauding Pakistan's
achievements on the economic front termed the investment climate in Pakistan
as friendly and conducive and said that the geographical local made Pakistan
more attractive for investors. Both the countries needed to bring closer the
business and investors groups to develop public private partnership in various
areas, he said. Later, the representatives from chambers of commerce and
industries of both sides held open discussion for mutual cooperation and
promotion of trade and investment relations while Pakistani business groups
stressed for market access for agro based industry. Dr. Naseem Ashraf,
Chairman NCHD and Mr. Waseem Haqquie Chairman Board of Investment (BOI) were
also present during the meeting.