Islamabad, February 17, 2014 (PPI-OT): With the Federal Minister for Finance Senator Mohammad Ishaq Dar in chair a meeting of Pak-China Investment Company Limited (PCICL) took place at the Ministry of Finance this morning.
Mr. Cao Wenjian, Managing Director PCICL briefed the Finance Minister Senator Mohammad Ishaq Dar that the company has the total assets worth Rs. 16 billion in Pakistan and has been investing in sectors like fuel and energy, ports and shipping, sugar and fruits, Cement and construction, engineering, telecommunication and IT, finance and insurance and fertilizers, of which the first three constitute 46% of the total investment.
PCICL is focusing on promoting Chinese investment and trade between the two countries. The management of PCICL would like to make equity investments in joint ventures of Chinese and Pakistani companies, said Mr. Wenjian.
In future Pak-China Investment Company has one of its core strategy to invest in the power sector as it has been the priority of the present government to solve the energy crisis. Pak-China Investment Company Limited has also made it a part of its core strategy to promote joint ventures of local and Chinese investors/companies said the MD.
Senator Mohammad Ishaq Dar appreciated the resolve of PCICL that it plans to promote close cooperation between China Development Bank (CDB) and Government of Pakistan and that it wants to work as an advisory on privatization and foreign direct investment to Chinese investors who have plans to invest in Pakistan.
Finance Minister further appreciated that PCICL wanted to promote government’s public private partnership initiatives with a focus on infrastructure development and development of Special Economic Zones.
PCICL told the Finance Minister that it is looking forward to invest in commercially viable projects especially all infrastructure related projects (including rail and road network), agriculture/chemical/engineering sectors, renewable energy (solar, wind, bagasse, hydro etc.) and oil and gas development sectors.
The meeting also decided to issue bonus shares to meet the minimum capital requirement of the company as required by the State Bank of Pakistan. No fresh injection of funds would be required.
Mr. Cao Wenjian told the Finance Minister that Vice Governor China Development Bank plans to visit Pakistan in the last week of March and would like to meet the Finance Minister. The Finance Minister welcomed the proposed visit of Vice Governor CDB and said that the leadership of China and Pakistan wanted to take their existing relationship to a new height in future.
The meeting was also attended by Mr. Shahnawaz Mehmood, Dy. Managing Director Mr. Zhang Yanzhi, Chief Finance Officer, Mr. Tariq Mehmood, Head of corporate Finance Ms. Liu Haining, Head of China Advisory and senior officials of the Ministry of Finance.
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