Chinese companies to invest in IT, agri in the CPEC’s second phase

ISLAMABAD: Special Assistant to the Prime Minister on China Pakistan Economic Corridor (CPEC) Affairs Khalid Mansoor has said that Chinese companies will invest in Information Technology (IT), agriculture in the second phase of the mega project.
Khalid Mansoor addressing a news conference in Islamabad Monday said that more than 20 Chinese companies have shown interest for investment in several sectors across Pakistan such as industries, agriculture, IT, infrastructure, housing and construction mining and oil refinery. “It is now our responsibility to help them implement these plans in the shortest possible time,” he added.
Mansoor revealed that a consortium comprising three Chinese companies have submitted a proposal to establish a low carbon recycle plant in Gwadar with an estimated investment of $4.5 billion. The plant will process and export high value metals and generate 40,000 jobs. A center for training of farmers in agricultural mechanization is also on the cards.
A Chinese company has entered a joint venture with Fauji Fertilizer Company for the production of soybean and corn. Meanwhile, the Chinese Company Royal Group, too, has submitted a proposal to establish four large scale buffalo farms in Pakistan where it will process milk and prepare value added products. The special assistant said that a big Chinese company has decided to establish a textile cluster on 100 acres of land.
Mansoor remarked that China has reaffirmed its commitment to the construction of Karachi Coastal Comprehensive Development Zone with an investment of $3.5 billion. The neighbouring country also wants to establish an LNG storage facility at the port with an investment of $500m.
In another development, he said, a Pakistan cellular company has reached an agreement with a Chinese company to lay fiber optic on land spread over 1,000km. “We are confident Pakistan will now head towards industrialisation which will benefit the economy and provide job opportunities to the youth”, the SAPM added. – TLTP