Chinese invested over $1b in 2nd phase of CPEC in Pakistan

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Chinese invested over $1b in 2nd phase of CPEC in Pakistan
Chinese invested over $1b in 2nd phase of CPEC in Pakistan

ISLAMABAD – Various leading Chinese companies have invested over one billion US dollars in different sectors in the second phase of the China Pakistan Economic Corridor (CPEC) in Pakistan which would not only create job opportunities but also make the country’s economy strong, vibrant, robust and export-oriented.

This was stated by Special Assistant to Prime Minister on CPEC and Chairman CPEC Khalid Masroor while addressing a news conference at the CPEC head office along with Chinese businessmen after meeting Prime Minister Imran Khan here yesterday.

Sharing the details, Khalid Masroor said that CEOs of eight Chinese companies met the PM and briefed him about their investment plans and also bottlenecks which they are facing in their projects in Pakistan.

He said these companies have invested in Faisalabad Industrial City and their assembling and production plants have started working.

A Chinese company, the expert in making prefab homes, has been given land and it has invested $20 million in setting up its plant which would make cost-effective homes on five-marla land with a cost of four million only.

Khalid Masroor said another Chinese company, an expert in producing cheap transport of two and three-wheelers, has also been allotted land for their production facility. He said these two and three-wheeler transport would be electric vehicles.

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He also said another Chinese company known for LEDs has invested 30 million USD for setting up an assembly plant of LED lights in Pakistan.

“The company has been urged by CPEC to convert the assembly plant to production plant”, Khalid Masroor said.

The CPEC chairman said another known Chinese company producing ceramics/tiles have made an investment of 300 million USD in Faisalabad Industrial City. “This company would produce three-meter largest tiles in Pakistan”, he said.

He said in the field of agriculture, another Chinese company has invested 10 million USD and they have been given 11 acres of land.

“The company has employed graduates passed from the Agriculture University of Faisalabad”, Masroor said.

A known Chinese mobile phone company has set up its assembly plant which would produce the best quality mobile phones, Khalid Masroor said.

He said a known Chinese garments company has invested 250 million USD in garments manufacturing plants over an area of 100 acres adding that this company has started its production and hoped company garments exports would touch 450 million USD in the near future.

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“Another Chinese company known for producing detergent liquids has invested 35 billion USD over an area of 22 acres of land”, Khalid Masroor said.

Answering various questions, the SAPM on CPEC said the prime minister took strong exception to the complaints of the delegation concerning various departments and told the businessmen that they should report to the PM office directly for swift response and resolution of their problems.

He said the one-window system has been made at CPEC so that Chinese businessmen and companies may not face any hurdle in getting NOCs for their business and factories.

One large industrial zone has already been set up in each province for Chinese companies Rashakai in KP, Faisalabad Industrial City in Punjab, and Dhabaji in Sindh, and one for Balochistan in Gwadar.

Answering another question, he said the projects under CPEC are being reviewed so that such projects could be completed in near future.

He termed the issue of repayment of 3 billion USD of Chinese loans as important and sensitive and said that it matter would be discussed with the Chinese government for rescheduling of these loans.

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Replying to another question, he said CPEC projects would continue. He said two special security divisions created by the Pakistan army are providing the best security to Chinese projects across Pakistan.

“The Chinese have demanded something more for better security and their demands have been addressed”, Khalid Masroor said.

He said the meeting of the Pakistan-China high-level strategic forum which was earlier delayed is expected to meet on 23rd or 24th of September 2021 adding that final dates would be announced shortly.

Qamar Khan, a cousin, and friend of PM Imran Khan, who accompanied the SAPM on CPEC and Chinese delegation said at the news conference, said the total value of this latest Chinese investment is one billion USD and hoped in the near future five more major companies would invest more in Pakistan which would create massive job opportunities and economic activity.

“PM Imran Khan was very concerned about the problems being faced by these companies and issued on the spot directives for urgent resolution of their problems and made it clear that problems being faced by them should be immediately addressed”, Qamar Khan said.

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