ISLAMABAD: Heads of various Chinese corporations assured Prime Minister Imran Khan on Friday of investing $5 billion in Pakistan in the next three to five years.The investment and transfer of industrial set-up by Chinese companies will generate over 50,000 jobs in Pakistan in the first year, the PM Office said, as a delegation comprising heads and representatives of 55 Chinese companies met the Prime Minister.The Chinese corporate leaders with their businesses in multiple areas, including small and medium enterprises, showed keen interest to invest in Pakistan. The meeting was a follow-up of Prime Minister Khan’s visit to China in April wherein the leadership of the two countries agreed to strengthen bilateral relationship in key areas, particularly trade and investment.Prime Minister Khan welcomed the interest of Chinese companies, saying Pakistan’s diverse areas had immense potential for foreign investment. Inspired by the strategy of Chinese leadership on peace, governance and poverty allevia tion, he said the government was willing to learn from these experiences to achieve the goals of national prosperity.Khan said China always sided with Pakistan in tough times, adding people of both the countries were tied with a strong bond of friendship. On China-Pakistan Economic Corridor (CPEC), he said the project would prove a game changer in exploring the true potential of bilateral trade relations.The Prime Minister said implementation of CPEC-related initiatives was a priority for the government and mentioned setting up a special department at the planning ministry to oversee smooth running of projects. He said the government was focusing on the concept of “ease of doing business” to promote foreign investment. Chinese Ambassador Yao Jing said China would extend full cooperation to Pakistan in promoting business activities and establishing strong trade links for the country’s economic stability.Planning Minister Khusro Bakhtiar and Adviser to PM on Commerce Abdul Razak Dawood apprised the meeting participants of the government’s fiscal policies and progress on CPEC-related projects. Adviser to PM on Finance Dr Hafeez Sheikh, Board of Investment Chairman Zubair Gilani and Federal Board of Revenue Chairman Shabbar Zaidi were also present on the occasion.Separately, chairing a meeting of Board of Directors of Board of Investment (BoI), Prime Minister Khan expressed the government’s commitment to encourage investors and provide them all out facilities.He said different laws at federal and provincial levels, unnecessary rules and regulations for businesses, hurdles by government departments for business community and corruption resulted in stagnation of industrial development.The Prime Minister directed the BoI chairman to complete the process of harmonising and integrating the federal and provincial laws on business within a month. He said the relevant laws should be made simpler in coordination with the provinces in the light of recommendations of the BoI. —APP/News Desk
07-13-2019, 01:04 PM
Chinese firms to invest $5 billion in 3-5 years, PM Khan assured
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