Chinese companies accept offer to invest in solar projects

Investors assure PM Gwadar Airport will be built by start of 2023

BEIJING:

Leading Chinese companies have shown keen interest in investing in Pakistan’s solar, water and other infrastructure projects during the visit of Prime Minister Shehbaz Sharif to Beijing.

The prime minister invited the Chinese corporate heads to come to Pakistan and pour capital into the government’s comprehensive solar power programme aimed at generating 10,000 megawatts of electricity, the Prime Minister’s Office said on Wednesday.

The premier also encouraged Chinese investment in other alternative energy resources including wind power plants.

He stressed the need for early completion of infrastructure development for the Gwadar International Airport, to which the Chinese companies assured him of completing the project at the start of 2023.

In a meeting with Chinese investors and businessmen, PM Shehbaz said that the government, since taking reins of the country in April, had resolved several issues and paid the Chinese investors outstanding dues of Rs160 billion. “An amount of Rs50 billion was paid to them yesterday (Tuesday),” he added.

The PM pointed out that the State Bank of Pakistan had established a revolving fund on the directive of Finance Minister Ishaq Dar with seed money of Rs50 billion.

He regretted the obstacles faced by the Chinese companies in the past in matters concerning payments for imported coal.

He vowed that Pakistan’s government would address on priority the issues pertaining to the acquisition of land for construction of Diamer-Bhasha Dam and remove the hurdles coming in the way of completing the Mohmand Dam.

He assured the provision of foolproof security to the Chinese personnel working in Pakistan. “Across-the-board security will be ensured to those deputed on the China-Pakistan Economic Corridor (CPEC) project and other joint initiatives,” he said.

He expressed confidence that strong business and investment linkages between Pakistan and China would lead to further cementing of bilateral relations.

Published in The Express Tribune, November 3^rd, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.