China International Trust and Investment Corporation (CITIC), China’s largest full-service investment bank, is keen to invest in various sectors in Pakistan. These sectors include housing, construction, sovereign and Private Bonds’ issuance, agriculture and power sector. This interest has been shown on the basis of the tremendous potential of Pakistani economy.
CITIC Group Corporation Ltd is one of China’s biggest conglomerates, with one of the largest foreign assets in the world. In the first half of 2017, the company’s net profit rose by 60%, with revenue rising 7.6%, and shares rising 10%.
In this regard, Chairman Credit Lyonnais Securities Asia, a subsidiary of CITIC Securities, Zhenyi Tang led a delegation in a meeting with Advisor on Finance and Revenue Miftah Ismail here and apprised the Advisor that CITIC was the largest financial conglomerate in China with leading businesses in financial services, industry, resources & energy, agriculture and construction with operations in more than 20 countries in Asia, Australia, Europe and the United States.
Advisor appreciated the CITIC group for its intended Investment endeavors in Pakistan and assured full support and cooperation from Government of Pakistan. He also invited the group to explore the opportunities for investment in Capital market, Infrastructure projects and possibilities of joint ventures with Pakistani partners.
Visiting delegation agreed on the proposal of Advisor to PM and informed that, an experts delegation of CITIC would visit Pakistan soon to further discuss areas for cooperation with relevant officials of Government of Pakistan.
It is pertinent to note here that CITIC Limited businesses span financial services, resources and energy, manufacturing, engineering and contracting, real estate and infrastructure. In 2014 Fortune ranked the CITIC Group the 160th largest corporation in its Top 500 Global Companies. At the end of 2013 CITIC Limited had equity capital of RMB225 billion and over 120,000 employees working in businesses that are leaders in their fields.
In December 2011, CITIC Limited was incorporated as a joint stock limited company in China, 100% owned by CITIC Group Corporation which itself is owned by the Ministry of Finance. In August 2014, the Hong Kong listed subsidiary of CITIC Group – CITIC Pacific – acquired 100% of CITIC Limited from CITIC Group, and CITIC Pacific was then renamed CITIC Limited. CITIC Limited is now 58% owned by CITIC Group .