Chinese firms mull investment in Gwadar

Chinese state-owned and private companies have expressed the desire to establish a $3.5 billion reprocessing park in Gwadar and a $350 million textile cluster near the city of Lahore.

Talking to journalists, Special Assistant to Prime Minister on China-Pakistan Economic Corridor (CPEC) Khalid Mansoor, who was accompanying the premier on his four-day visit to China, revealed that a consortium of three Chinese companies would build a metal and paper reprocessing park in Gwadar in two to three years.

Similarly, a Chinese textile firm - reputed for its high export-quality apparel - is planning to build a textile cluster over 100 acres of land on Lahore-Kasur Road by investing $350 million, which would also create around 20,000 jobs, Mansoor said.

“The premier held a clear communication with the National Development and Reform Commission (NDRC) staff, who assured him of full support and commitment to the successful execution of the second phase of CPEC, while maintaining high pace and quality,” he underlined.

The premier was also assured that joint working groups in 10 varying sectors would provide technological and financial support for the realisation of projects, he added.

Giving details of PM’s meeting with Chinese firms, Mansoor pointed out that three major agricultural companies were considering establishing a research lab and a demonstration plot on the pattern of China to improve crop yields and seed quality in Pakistan.

Chinese fertiliser companies also expressed their desire to invest in the growth of corn and soybean, he said.

Moreover, one Chinese firm was interested in the dairy sector to enhance the export of milk and other dairy products.

Mansoor voiced hope that Pakistan would be able to secure commitments from major Fortune 500 companies in a variety of sectors following the premier’s visit.

Published in The Express Tribune, February 5^th, 2022.

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