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More Chinese investment

AFTER making massive investment in Pakistan’s power sector that greatly helped the country overcome its electricity shortages, more Chinese companies are eyeing the potential sectors for investment. This indeed will not only help Pakistan address its economic woes but take the bilateral strategic relationship between the two countries to new heights.
The XCMG and HSS Group of China have issued a Letter of Intent (LoI), highlighting their course of action to materialize the recently announced $2 billion investment in Pakistan’s housing and manufacturing sectors. Undoubtedly there is great scope of investment in both the sectors as present government is focusing on industrialization and in its election manifesto had also promised to provide five million houses to the low income groups. Such kind of Chinese investment will help the PTI government fulfil the promise made with the people and given the commitment shown by the government regarding ease of doing business, we are sure that the Chinese companies will be fully facilitated to go ahead with their projects without any delay. At the same time, Chinese company Metallurgical Corporation of China (MCC) has also shown interest to take over on BOT basis the Pakistan Steel Mills which is lying dysfunctional for the last many years and the Economic Coordination Committee had to approve a certain amount every now and then to clear the salaries and pensions of the employees of the mills which was once considered as the asset of the country. The Chinese company plans to revive the Steel Mills by recruiting fifteen thousand new employees and taking its production to three million metric tonnes annually. Time has come for the government to take a decisive and immediate decision on the future of the steel mills and we understand that the proposal of the Chinese company is very much lucrative to recuperate the chimneys of Pakistan Steel Mills. In addition, we must continue the process of close engagements with the Chinese friends at different levels to take the country towards rapid industrialization which is the only way to bolster exports and achieve long term stability in economic sphere.