Tech And Telecom

China to Invest $12 Billion in CPEC in Next 3 Years

Chairman China Pakistan Economic Corridor (CPEC) Authority, Khalid Mansoor, has said that China has committed an investment of over $12 billion in the fields of Industry, Agriculture, and IT sectors of Pakistan over the next 3 years. This investment is additional to the $53 billion infrastructure projects.

Khalid Mansoor, who accompanied Prime Minister Imran Khan during his recently concluded visit to China, was briefing the media in Islamabad on Monday.

Khalid Mansoor said that the volume of total Chinese Investment has now reached $65 billion in less than seven years.

Khalid Mansoor said that under CPEC, a total of $25 billion projects pertaining to infrastructure development and energy were executed during phase 1, and $28 billion are in the completion phase, which would be completed within the next 2 years. These include power plants of 3500MW, technology transfer, industrial units, and motorways.

Khalid Mansoor, who is also the Special Assistant to the Prime Minister on CPEC, informed the media personnel that in the next one month, the CPEC authority will conduct a briefing session for the Chinese counterparts to brief them on the opportunities and progress of the various projects along with the implementation progress. He said the Foreign Minister, Shah Mehmood Qureshi, will brief the Chinese authorities on phase 1 and 2 progress, along with the security measures taken to safeguard Chinese investments and personnel.

Regarding security measures taken after the unfortunate Dasu incident, Khalid Mansoor said that the Chinese have been assured of the highest possible security arrangements for their projects and additional measures have been taken to avert any untoward situation in the future.

He further informed that Rs. 100 billion were approved by ECC for payments to IPPs, out of which, Rs. 50 billion have already been disbursed.

He also said that Chinese companies will participate in the bidding process for the establishment of oil refineries and the revival of Pakistan Steel Mills. He said that Chinese President Chi Jin Ping would soon take a visit to Pakistan.

According to the details available with the ProPakistani, the Prime Minister Imran Khan and his entourage delegation had fruitful interactions with many Chinese MNCs and corporations for future investments in CPEC projects under extended phase 2, in IT, Agricultural transformation, and transfer of technology and Chinese industries establishment in special economic and technology zones.

  1. Low Carbon Recycling Park for steel, metal, and paper processing for export purposes at Gwadar Free Zone, having a capacity of 13.4 MT per annum. The targeted investment under the project is $4.5Billion. Expected to be get implemented in 2-3 years, the project will generate 40,000 jobs.
  2. China Machinery Engineering Corporation (CMEC), a subsidiary of Sinomach, to set up Pakistan-China Agricultural Science and Technology Transferring Centre on a G-to-G aid basis. The Centre will offer agricultural mechanization cooperation for improving the yield of various crops and the quality of seeds. They have also expressed interest in establishing an onshore LNG storage facility with a regasification terminal, having an initial capacity of 4×50,000 Tons in Karachi on a BOT basis with local partners.

The expected investment for Agro Science and Technology Development Park is $50 million and $500 million for LNG storage and re-division terminal.

  1. Zhengbang Group has signed an MoU with Fauji Fertilizers Company (FFC) for the production of pesticides and cattle/poultry feed. They also plan to jointly develop corporate farming for growing corn and soya beans for export purposes.
  2. Royal Group plans to set up Foot and Mouth Disease (FMD) free dairy buffalo farm project with an investment of $50 million. They envisage developing four large-scale buffalo farms with 8,000 heads for a 16 Million liters annual milk production capacity.

They also plan to construct a buffalo milk deep processing plant with an investment of $30 million. The proposed project will produce value-added dairy products such as milk powder, cheese, and packaged milk for local market and export purposes. Also, a buffalo embryos laboratory will be established to improve Pakistani buffalos’ genetics for increasing their milk yield.

  1. Challenge Fashion has purchased 100 acres of additional land to establish a special economic zone as per global standards value added apparels, including a cluster of supply chain with an investment of $250 million. The proposed project would produce exports of $400 million annually and will employ 20,000 people.
  2. China Road and Bridge Construction Company (CRBC), in collaboration with Karachi Port Trust (KPT), will develop Karachi Coastal Comprehensive Development Zone (KCCDZ). With an investment of $3.5 billion. The proposed project will be developed and constructed in an area of 9.3 sq. km and will be built in the functional blocks including Binhai, Ecological Bay, Knowledge City, and Global Blue Diamonds Island.

The project will create thousands of new jobs and would emerge as a hub for tourism, IT, fashion, media, finance, ports, and shipping services.

  1. Neusoft Medical Systems plans to focus on upgrading Medical Diagnostic Equipment (MDE), AI, academic and national service network setups with an investment of $30 million in Phase-I.

Neosoft will further set up an assembly plant of MDE in SEZ and STZ with an investment of $170 million.

  1. Hunan SunWalk Construction Group has signed an MoU with Jazz telecommunication company to lay an optical fiber cable network of around 100,000 kilometers in all major cities of Pakistan with an investment of $2 billion.
  2. Flourishtech has signed an MoU with STZA and plans to set up a research lab for mobile phone parts, manufacturing, and assembly in STZA, Islamabad, for OPPO, RealMe, VIVO, OnePlus, etc.
  3. Global Semiconductor Group plans to establish a semiconductor testing facility in addition to a research and development (R & D) and skills development training center with an investment of $40 million. The project is expected to employ 100,000 IT professionals.
  4. Letin Autos NAV E-vehicles intends to establish a production plant for electrical vehicles including manufacturing, fabrication, and assembly in Rashakai Industrial Zone, KP.

The meeting was attended by Foreign Minister, Makhdoom Shah Mehmood Qureshi, and Finance Minister, Shaukat Fayyaz Tarin,

Information Minister, Fawad Hussain, Planning Minister, Asad Umar, Advisor on Commerce, Abdul Razzak Dawood, SAPM on CPEC Affairs, Khalid Mansoor, NSA Dr. Moeed Yusuf, and senior officials of Government of Pakistan.

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