Zardari urges trade enhancement with China

Chinese company to invest in power and steel sector.

ISLAMABAD: President Asif Ali Zardari has called for further enhancing bilateral trade and investment cooperation between Pakistan and China in various fields.

Zardari while speaking to a Chinese delegation at Aiwan-e-Sadr on Monday said that there is tremendous potential for cooperation and joint ventures between the two countries in a variety of fields. Briefing media personnel, president’s spokesperson Farhatullah Babar said that the China Lumena Company with its capital of over $4 billion was one of the largest producers of special industrial chemicals.

Sou Lang Duo Ji, founder of the China Lumena New Materials Corp, briefed Zardari about the various projects being undertaken by his company and the investment made in Pakistan in energy, mining, banking and finance sector.

Ji said that an investment of $40 million had already been made in KASB Finance, a holding company of KASB Bank and promised more investment in various sectors of the economy. He also briefed the president about his existing engagement in Pakistan including a new 164 MW power project investment of Grange Power in Punjab, iron ore mining and beneficiation of 100,000 tons per month.

Babar said that the president appreciated the company’s interest in setting up a new industrial zone in Zulfikarabad and said that it would further boost investor’s confidence for investment in Pakistan besides generating employment for the people of the area.

Published in The Express Tribune, August 16^th, 2011.