Pakistan government will not require to arrange finances for the projects to be launched by Chinese companies in the country as China has decided to provide funding at its own, a top official of Board of Investment (BoI) said.
'This is a positive development as for as investment inflows are concerned and we will not have to think about financing Chinese companies to launch projects in Pakistan,' Chairman BoI and Minister of State for Investment, Saleem H Mandviwala told APP in an interview.
Terming the visits of President, Asif Ali Zardari to China as extra-ordinary positive, he said that these visits have been bearing fruit as Chinese companies are taking keen interest to invest in different projects including power and energy sector in Pakistan.
He said that it is a sagacious decision by the President to visit China once in every three months adding that these visits have been reinvigorate the Memorandum of Understandings (MoUs) signed between the two countries. He said that China and Pakistan have signed as many as eight MoUs during President's visit of August 21 to 25.
Highlighting them, he said that a MoU on Co-operation in the Field of Drug Regulation between Drug Control Organisation, was signed between Government of Pakistan and State Food and Drug Administration of People's Republic of China. He said that MoU on Investment Promotion co-operation between BoI of Pakistan and investment Promotion Agency of the Ministry of Commerce of the Peoples' Republic of China was also signed during the visit.
He said that MoU between Sindh Agriculture University (SAU) Tandojam, Pakistan and South Agricultural University (SCAU) Guangzhou, China was also signed during the visit. MoU on Co-operation on River Fisheries and Related Technologies between the Department of Fisheries, Government of Sindh, Pakistan and South China Sea Fisheries Research Institute of Chinese Academy of Fishery Sciences was also signed, he added.
Saleem H Mandviwala said that a MoU on Global Open Trunking (GoTa) for Emergency Communication and Disaster Control Management in Pakistan between Ministry of IT and Telecom (National Telecommunication Corporation) and ZTE Corporation People's republic of China was also signed.
He added that another MoU between China Council for the promotion of international trade, Guangdong Sub-Council (China Chamber of International commerce) and the Board of investment Pakistan was also signed. In addition, he said another MoU was signed between Ministry of Water and Power, Government of Pakistan and China Three Gorges Corporation on Bunji Hydropower project.
However, he added that it was duty of Pakistani people to support President's policies for attracting more investments, especially from China. He said that almost the world was looking towards China for investments and it was great opportunity for Pakistan to attract investment from its time-tested friend. He said that China was holding conference in November this year which is scheduled to be participated by about 2,000 Chinese' overseas companies. 'This conference would provide an opportunity for Pakistan to invite investments into the country.'
To a question, the BoI Chairman said that law and order situation was not issue for Chinese investors adding that the government was taking all measures to facilitate investors. He said that China-specific Special Economic Zones would be established to facilitate investors adding it would take up to two years to establish such facility. He said that as many as 10,000 Chinese were working in Pakistan and the government envisages to enhance the number up to one million during years to come.
He said that efforts are also being made to enhance linkages of the banks between the two countries. The Chairman BoI said that expansion of Karakorum Highway (KKH) was already undertaking by the Chinese Engineers besides various development projects in Pakistan. Replying to a question, he said that revamping of BoI is underway to transform it into a real pro investment organisation for the economic prosperity of the country.