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In the Five Year Program for Trade & Economic Cooperation between China and
Pakistan another forty (40) Private/ Public and Private sector projects will
add into the existing forty-two Joint Venture Projects between the private
sectors of the two countries in all sectors of economy. Mr. Zahid Hamid
Federal Minister for Privatisation & Investment stated during a meeting with a
visiting Chinese investors delegation of Shanghai Baosteel Group Corporation
at Board of Investment (BOI) here today, which is in the process of
establishing Joint Venture with a Pakistani company Sapphire Group in the
field of steel manufacturing.
The Chinese delegation is visiting Pakistan as a result of follow up of Prime
Minister Mr. Shaukat Aziz’s recent visit to China.
Mr. Zahid Hamid informed the delegation that Pakistan encouraged Private
Sector Joint Ventures for the economic interaction and development of the
private sectors of the respective countries. The ongoing 42 projects between
China and Pakistan include fertilizers, mining, PVC integrate, light rail mass
transit, motherhood TV Channel, Technology Transfer & Industrial, Friendship
Park, Construction, Power, Housing, Mega Infrastructure, Automobile, Gawadar
Airport, Pesticides, Hotels, Cement plants, Tourism, Software Maintenance, Oil
& Gas Exploration, Auto-motorcycle, Production of human vaccines, Bio
Pharmaceuticals, Dairy, Textile, Steel Mills, Heavy Duty Trucks, Communication
Towers, Production of Hybride Rice seed, manufacturing of 4-Stroke CNG Auto
Rickshaw, Cellular phone company projects etc.
He informed that 33 JV Projects were also at different stages between the
private sectors of Pakistan and Japan, Malaysia, Egypt, Kuwait, UAE, Thailand,
Qatar and Kingdom of Saudi Arabia.
The Minister stated that the economic relations between both the countries
were fast growing and being further strengthened and cemented after having a
free Trade Agreement with China, which was yielding US $ 5 billion and would
be increased to US $ 15 billion within the next five years.
The Minister briefed the Chinese delegation about the attractive of Pakistan
economy in a meeting held at BOI, Islamabad. He updated the delegation about
investment opportunities and potential in different sectors in Pakistan. He
further stated that Pakistan’s economy was booming in response to the economic
reforms initiated by the present government, having consistency and continuity
of the policies. The investor friendly environment has made Pakistan a
desirable destination for foreign investors.
The macro economic indicators reveal that climate is more conducive for
investment than ever before. Due to the present government’s policy of
deregulation, liberalization, and privatization, foreign direct investment has
grown to a record level of US$5.56 billion during first three quarters of the
current fiscal year which is 67.5% more than the corresponding period of the
last year. Out of the total FDI of $ 3.86 billion, $ 708 million was from
China, $ 694 million from UK and $ 636 million from USA. Out of total FDI 37%,
has gone into the communications sector. The financial Business sector has
received 18% and the oil and gas exploration sector 11%. During the last seven
years the US$ 6 billion sales proceeds were realized, which are 87% of US$ 7
billion proceeds realized during the last 15 years through the sales of 163
public entities.
The delegation led by, Ms. Feng Aihua, Vice Director of Business Development
Department, Shanghai Baosteel Group Corp expressed their keen interest in
steel sector. The Minister assured the delegation all possible support to get
their plans materialized. The representative of Sapphire Group, Executive
Director General BOI Mr. Tallat Miyyan and other senior officials of the
respective departments were present during the meeting.