China top foreign investor in Pakistan

Tuesday, Nov 17, 2015,14:12 IST By Metrovaartha A A A

Lahore | China has become the top foreign investor in Pakistan after the two all-weather allies launched the USD 46 billion economic corridor that passes through PoK. Minister for Planning, Development and Reforms Ahsan Iqbal, speaking at the Pakistan-China Roundtable Conference organised by the Punjab Board of Investment and Trade here, said China at one point was at number 16 in foreign investments in Pakistan but through the China-Pakistan Economic Corridor (CPEC) it has now reached the top.

Iqbal said China had converted friendly political relations with Pakistan into economic ties through the corridor which will connect China’s western region to Pakistan’s Gawadar seaport on the Arabian Sea. A delegation of 32 Chinese investors led by the leadership of China Multinational Group and International Creative Industry Alliance besides a good number of Pakistani investors attended the conference.

A container which usually takes 50 days to reach Heimburg from Beijing with USD 3,000 will now arrive in only 15 days saving USD 1,800 after completion of the CPEC, Iqbal said. He said Pakistan would get 17,000 MW power projects through the corridor in five years.

The Minister said the government’s aim was to make Pakistan part of the top 25 strongest economies of the world under the 2025 Vision and the economic journey with China by its side was linked to this vision. The China-Pakistan Economic Corridor (CPEC), that passes through PoK, is a planned network of roads, railways and energy projects linking southwest Pakistan’s deepwater Gwadar Port with northwest China’s Xinjiang Uygur Autonomous Region.