More than a 100 Chinese companies have obtained prequalification documents showing keen interest in the construction of the tallest building in Lahore. This was observed in an Investment Road Show organised at Pakistan Embassy in Beijing, China on the directives of Chief Minister (CM), Punjab, Muhammad Shahbaz Sharif. The initiative has been taken to attract foreign investment into the country.
The construction of the 28-story Twin Tower at Jail Road, Lahore, will incur a cost of Rs. 4.25b. The building is expected to become the city’s biggest commercial hub by housing offices, showrooms, shops and brand outlets besides a food street.
Director General LDA Zahid Zaman, present at the roadshow, briefed the businessmen about the background, objective and technical details of the project. He further informed that CM Punjab had directed the LDA to build a modern tower equipped with modern facilities for the people. The LDA in this regard, had been empowered to grant all the approvals regarding plans, development and construction.
“We have invited private sector, developers and international partners to come forward and help us with their capital, experience, expertise in real estate development,” he added.
He also held separate meetings with the interested companies informing them about investment opportunities in Pakistan. Moreover, representatives of Pakistani banks were also present to lend financial advice to the Chinese companies.
Previously, Pakistan’s Ambassador to China, Masood Khalid had briefed Chinese companies about the attractive investment climate in Pakistan and invited them to tap investment opportunities offered by the real estate sector. Welcoming various representatives of Chinese companies at the road show, Khalid stated that the Pakistani government was making earnest efforts to bring about prosperity and development in the country. Khalid also informed that various projects in the energy sector had been launched under the China-Pakistan Economic Corridor (CPEC) besides infrastructural development relating to road networks and bridges. He also revealed that many Chinese companies were actively involved in the existing projects.
“We are also partners in the development and implementation of the common objective of the One Belt One Road Initiative initiated by Chinese President Xi Jinping,” he added. He said that CPEC was the flagship project of the One Belt One Road Initiative, which would bring about development and prosperity not only for the two countries but also for the region as a whole.
