Chinese firms keen to tap potential of Pakistan real estate sector

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Beijing

Pakistan Ambassador to China, Masood Khalid Friday briefed the Chinese companies about attractive investment climate in Pakistan and invited them to tap investment and business opportunities offered by the real estate sector.
Welcoming the representatives of a large number of Chinese companies who attended a road-show offering investment opportunities in a ‘Twin Tower’ project in Lahore organized by Lahore Development Authority (LDA) and Commercial Section of the Embassy of Pakistan, he said, the Pakistan government was making earnest efforts to bring about prosperity and development in the country.
He said the government was providing unprecedented and equal opportunities to local and foreign investors and asked them to come forward and take advantage of pro-investment and pro-business policies.
The ambassador informed that the legal system in Pakistan fully protected the foreign investment particularly the Chinese investment. He said both Pakistan and China enjoyed excellent and mutually beneficial relations which were growing day by day.
“We are also partners in the development and implementation of common objective of One Belt One Road Initiative initiated by Chinese President Xi Jinping,” he added. He said China Pakistan Economic Corridor was flagship project of the One Belt One Road Initiative which would bring about development and prosperity for not only both the friendly countries but also for the whole region.
Masood Khalid said different projects of energy, infrastructure development, roads network and bridges had been launched under the CPEC and Chinese companies were actively taking part in their implementation.
He said there was political and economic stability in Pakistan and all major credit institutions had expressed satisfaction over economic growth. He shared with the audience that 19,000 Chinese work force was working in Pakistan where a special security force had been raised for their safety and security which security mechanism had been reinforced.
The ambassador said the number of Chinese businessmen visiting Pakistan had increased last year, which showed their confidence in Pakistan and its economy. “To further facilitate Chinese businessmen wishing to visit Pakistan, we have increased number of flights and now they could reach in Pakistan in less than six hours time,” he added.
About the project, he said Chief Minister Punjab, Muhammad Shehbaz Sharif had directed the LDA to build a modern tower having modern facilities for the people. He said the proposed tower would have offices, departmental stores, food outlets and cinema and would be built in the center of Lahore.
Director General LDA, Zahid Zaman briefed the businessmen about background, objective and technical details of the project. He said the LDA had been empowered to grant all the approvals regarding plans, development and construction.
“We have invited private sector, developers and international partners to come forward and help us with their capital, experience, expertise in real estate development,” he added. Representatives of Pakistani banks were also present to give financial advice to the Chinese companies.—APP