Pakistan and China have identified projects worth $12 billion, including Islamabad international airport, oil refinery at Gwadar, Bunji hydropower project and Neelam-Jhelum hydropower project for Chinese investment.
In an interview with Business Recorder, Minister of State for Investment, Umar Ahmad Ghumman, said that the leaders of both countries had discussed the high profile projects costing $12 billion where Chinese would like to invest.
Umar, who accompanied President Pervez Musharraf on China visit, said that Chinese investors were very keen to invest in infrastructure projects and the government would provide them every facility in this regard.
He said that Pakistan''s biggest refinery, which would be established in Gwadar, would refine 60,000 barrels oil per day.
He said that the President was personally involved in the investment policy and he had directed removal of bureaucratic hurdles in the way of foreign investment.
He said that all infrastructure projects in the country would be processed through the Board of Investment (BoI).
The board, he said, would take six months to seek private investment for infrastructure projects and if it failed to arrange private sector investment during the specified time period, the concerned ministry would be asked to complete it from government resources.
Asked whether Shenhua Group, a Chinese firm, was coming back on Thar coal power project as a result of President''s efforts, Umar said that the company had sought two-three weeks'' time for more consultations before taking final decision.
He, however, added that if Shenhua Group did not agree to take up the project, two other companies have already shown interest to execute the project.
He said that terminology of offering of level playing field was being given up and, henceforth, foreign investors would be offered highly reduced tariffs so that they should investment in Pakistan.
The minister said that the country had attracted foreign direct investment (FDI) of $1.6 billion during seven months of the current fiscal year, and expressed hope that it would reach $3 billion by the end of the year.
He said that President Pervez Musharraf would inaugurate the Sialkot international airport most probably in July. The airport is being constructed by private sector.
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