PM for joint investments with China for economy boost

BEIJING (APP) - Prime Minister Syed Yousuf Raza Gilani on Tuesday said Pakistan wishes to achieve its objective of a robust economy through partnerships and joint investments with China in all fields of life.
He was talking to Levin Zhou, President China International Capital Corporation (CICC), as he arrived here Monday to attend the 8th meeting of Shanghai Cooperation Organization and hold meetings with the Chinese leadership.
Gilani proposed the CCIP President for the creation of a joint 'Pakistan-China Holding Company, aimed at facilitating financing for Chinese companies intending to invest in Pakistan. He noted that the company could establish projects on equity basis rather than acquiring debt.
The PM sought more investment in Pakistans hydropower and infrastructure development projects and said it would go a long way in generating economic activity and employment opportunities in the country.
He urged the CICC to consider the possibility of collaboration in banking and financial sectors between the two countries by setting up consortiums to invest in Pakistan. The CCIP President assured Gilani of every possible assistance to Pakistan in various sectors and help it overcome economic challenges.
Established in 1995 as a strategic partnership among prestigious Chinese and international financial institutions and corporations, CICC is the first joint venture investment bank in China with a registered capital of $125million.
It is currently involved in investment banking, capital markets, sales and trading, asset management and private equity.
Meanwhile, Gilani said progress on Thar Coal Project was a milestone in countrys history and hoped that Chinas Sino Coal company would complete the task at the earliest.
The PM was talking to Wang Jinhua, President of China Coal Technology and Engineering Corporation Group (CCTEG) whose Sino Coal company has shown interest in the Thar Coal Project.
The PM welcomed Sino Coal to carry forward the project and assured that the government would remove all impediments related to its execution.
He said Pakistan was currently facing grave energy crisis and hoped that with Chinese technical assistance and expertise, Pakistan would be able to overcome the power issue.
He said progress on Thar coal was an important milestone in the development of countrys indigenous energy resources, and hoped that the Chinese company would complete the work at the earliest.
Gilani said the government was focusing on coal-based power generation in addition to hydro and thermal power for overcoming the energy deficit; adding Thar coal reserves would be utilized in ridding the country of loadshedding within shortest possible time.
Later, Pakistans Ambassador to China Masood Khan said the meeting decided that Vice President of CCTEG would be visiting Pakistan next week to finalize the arrangements on Thar Coal Project.
He said Sindh Thar Coal Energy Board and Engro Power had contacted CCETG for the survey of Block 2 of Thar fields and soon the two sides would prepare a feasibility report in this regard.
Masood said the Chinese side offered full support for the economic development of Pakistan and discussed future cooperation and investment opportunities in the country.
He said CCETG showed keen interest to invest in the energy sector particularly Thar coal mining and setting up of power plants.
The Sindh province has vast deposits of coal, totalling over 185 billions tones. These spread over an area of over 9,000 square kms and most suitable for power generation, promising fuel generation for future generations.
Gilani also stressed the need for greater cooperation between the defence industries of Pakistan and China as an important step to fortify the all-weather strategic partnership.
The PM expressed these views in his meeting with Chen Qiufa, Administrator of Chinas State Administration for Science, Technology and Industry for National Defence (SASTIND) who led a delegation of Chinas defence-related companies.
Prime Minister Gilani told the delegation that Pakistan attached great importance to its ties with China and wanted to further expand and promote bilateral cooperation particularly in the field of defence production.
He said collaboration in defence production would develop a mutual understanding and trust with China, which enjoyed bustling production lines and surging profits in defence industry.
He mentioned that Pakistan was interested in the production of defence-related equipment and setting up of local overhauling facilities, and invited the Chinese companies to invest for joint ventures in this regard. Chen Qiufa, who is also the deputy minister of Chinas Ministry of Industry and Informatization, deliberated on various areas of defence collaborations and called for reviewing the mechanism of Joint Committee on Defence Technology Cooperation.