Multi-billion dollar investments in CPEC Phase II, says adviser to PM

China Pakistan Economic Corridor (CPEC) Advisor to Prime Minister Khalid Mansoor said on Monday that the phase-2 of the corridor will involve multi-billion dollar investments in Pakistan.

He said that many Chinese companies have expressed interest in investing in the phase 2 of CPEC.

During his two-day visit to China Prime Minister Imran Khan held around 20 back-to-back meetings with representatives of around 500 companies to help bring investment to Pakistan, said the adviser.

He said the Prime Minister heard the representatives of these companies and assured them of full cooperation of his government.

The adviser said that the PM presented a pitch book to Chinese leading companies which included detailed information and investment opportunities in various sectors of the economy including textile, pharmaceutical, footwear, information technology, agriculture and cottage industry.

He said that 65 per cent of the population of Pakistan was under 40 years of age and Pakistan has a skilled labor force which is cheaper as compared to China.

The adviser said that Chinese companies have been facilitated and they were not required to obtain NOCs from 37 different departments before launching any investment project in the Special Economic Zones (SEZ).

He said the CPEC Authority provided a one-window facility to the Chinese investors adding that the PM house is there to address any unresolved issue.

He said that under the Phase-2, Chinese companies would support in setting up steel and metal recycling plant in Gwadar within three years, which would produce metals worth $4.5 billion for exports besides creating 40,000 jobs.

He said that Chinese companies would also help develop agriculture of the country on modern lines to enhance per acre yield and seed quality.

He said some companies were interested in growing maize and soybean in Pakistan.

He said a Chinese company would invest in building LNG storage at Karachi port whereas a factory for value added products would be set up on Lahore-Kasur road.

The adviser said that another Chinese company Royal Guru was interested to invest $50 million in auto-sector of the country.

Chinese companies want to invest $200 million in making medical devices whereas an investment of $2 billion by the Chinese companies would be made for laying optical fiber.

He said that Chinese companies wanted to invest in the science and technology zone and were also interested in supporting bidding for privatization of Pakistan Steel Mills (PSM).

He said both the countries have agreed to move forward with the second phase of CPEC.

He said new steps were being taken for rehabilitation of industries and industrial development in Pakistan.

He informed the journalists that ECC had approved refunds of Rs100 billion to CPEC IPPs, out of which Rs50 billion had already been paid.

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