Pak-China Investment Company will invest in renewable energy and infrastructure development projects in Pakistan.
Decision to this effect was made during a meeting of Pak-China Investment Company Limited (PCICL) held here on Monday under the chairmanship of Federal Minister for Finance Senator, Mohammad Ishaq Dar.
Cao Wenjian, Managing Director PCICL on the occasion briefed the Finance Minister that his company has the total assets worth Rs. 16 billion in Pakistan and has been investing in sectors like fuel and energy, ports and shipping, sugar and fruits, Cement and construction, engineering, telecommunication and IT, finance and insurance and fertilizers, of which the first three constitute 46% of the total investment.
The PCICL is focusing on promoting Chinese investment and trade between the two countries.
The management of PCICL will like to make equity investments in joint ventures of Chinese and Pakistani companies, said Mr. Wenjian.
In future Pak-China Investment Company has one of its core strategy to invest in the power sector as it has been the priority of the present government to solve the energy crisis.
Pak-China Investment Company Limited has also made it a part of its core strategy to promote joint ventures of local and Chinese investors/companies, said the MD.
Senator Mohammad Ishaq Dar appreciated the resolve of PCICL that it plans to promote close cooperation between China Development Bank (CDB) and Government of Pakistan and that it wants to work as an advisory on privatization and foreign direct investment to Chinese investors who have plans to invest in Pakistan.
The Minister further appreciated that PCICL wants to promote government's public private partnership initiatives with a focus on infrastructure development and development of Special Economic Zones.
The PCICL told the Finance Minister that it is looking forward to invest in commercially viable projects especially all infrastructure related projects (including rail and road network), agriculture, chemical,engineering sectors, renewable energy (solar, wind, bagasse, hydro etc.) and oil and gas development sectors.
Cao Wenjian told the Minister that Vice Governor PCICL plans to visit Pakistan in the last week of March and will like to meet the Finance Minister.
The Finance Minister welcomed the proposed visit of Vice Governor PCICL and said that the leadership of China and Pakistan wants to take their existing relationship to a new height in future.
The meeting was also attended by Shahnawaz Mehmood, Dy. Managing Director Zhang Yanzhi, Chief Finance Officer, Tariq Mehmood, Head of corporate Finance Ms. Liu Haining, Head of China Advisory and senior officials of the Ministry of Finance.
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