PM Shehbaz Sharif invites Chinese companies to invest in Pakistan

Prime Minister Shehbaz Sharif on Thursday said that deepening China-Pakistan economic cooperation is critical to his country's socio-economic upliftment as he invited the Chinese companies to invest in the huge potential of renewable energy, particularly in the solar power in Pakistan.

During a meeting with a high-powered delegation of Chinese state-owned Company - NORINCO - Sharif also highlighted the significance of CPEC as a transformational project for the mutual benefit and development of both the friendly countries, according to the PM Office.

He invited the Chinese companies to invest in the huge potential of renewable energy, particularly in the solar power in Pakistan.

The China-Pakistan Economic Corridor (CPEC), the flagship project of China's Belt and Road Initiative (BRI), is a massive infrastructure project which connects Xinjiang province with Gwadar port in Balochistan province.

The Prime Minister appreciated the Chinese company for its role in the Lahore Orange Line Metro Train project, which, he said, is facilitating hundreds of thousands of commuters in Lahore on a daily basis.

The delegation praised Sharif for his efforts to steer Pakistan out of the current economic crisis.

Cash-strapped Pakistan has faced growing economic challenges, with high inflation, sliding forex reserves, a widening current account deficit and a depreciating currency.

On June 22, Pakistan secured a deal with the IMF to restore the stalled USD 6 billion assistance package and unlock doors for financing from other international sources.

Sharif's business-friendly policies have deepened economic cooperation with China and facilitated foreign direct investment in the country.

The NORINCO delegation was led by vice-president NORINCO International, Wang Xiaobing and CEO NORINCO International (Pakistan), Li Chen. It showed keen interest in investing in the wide spectrum of renewable energy projects in Pakistan, especially in the wind corridor in Thatha whereby a 100 MW wind power project was proposed, the PM Office said.

Investment in fiber optic along the railway lines, copper and iron ore mining at proven reserves, and infrastructure development in the big cities of the country were among the key investment opportunities highlighted by the company as potential venues for investment.

Sharif said that Pakistan is open to investment and that his government is taking steps to remove all impediments for further facilitation of the investors.

He also thanked Chinese President Xi Jinping and Premier Li Keqiang for their consistent and unwavering support to Pakistan, particularly in the current economic situation in the country.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)