Chinese investment sought for development projects

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KARACHI: Haroon Agar, president of the Karachi Chamber of Commerce and Industry (KCCI) has urged China for investment in Pakistan for development projects, according to a statement on Monday. Chinese investment is direly needed in the energy, infrastructure, metro-railways, mass transit and dams projects to boost Pakistanís economy and further strengthen Pak-China relations and economic cooperation, he said.

Addressing a reception hosted in honour of Gao Xiging, president of China Investment Corporation (CIC), the KCCI president said that Pakistan and China can collectively do wonders as the economic and commercial activities are now focusing towards Asia, according to the statement.

ďWith Pak-China mutual economic and cooperation, regional trade and trading with Saarc, ECO and Central Asian blocs can multiply manifolds,Ē he added.

He praised the Chinese cooperation with substantial investment from China in Pakistani infrastructural expansion, including projects in the Pakistan Deep Water Port at Gwadar. However, growth in mutual cooperation is essential to uplift Pakistanís weakening economy, he added.

Xiging said that the two countries are committed to develop closer bilateral relations and further broaden their economic engagement to achieve common development. Opportunities for joint ventures in different sectors do exist, he said, adding that so far, China-Pakistani economic and trade cooperation has seen good progress. China Investment Corporation is the state-owned institution, having around $200 billion foreign exchange reserves.

Courtesy: The News


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