China keen to invest in banking, power sector

ISLAMABAD: Pakistan and China need to bring business and investors groups closer to develop public-private partnership (PPP) as Chinese investors have expressed interest in investment in banking, finance and power sectors.

This was stated by Chinese Ambassador in Islamabad Luo Zhao Hui during a meeting with Federal Minister for Privatisation Senator Waqar Ahmed on Wednesday. He said that Beijing was prepared to organise sector-specific conferences in China to attract investors to privatisation programme in Pakistan.

Currently, 20 Chinese companies are actively engaged in projects in different sectors, including steel and mines, whereas 70 firms have successfully completed their projects in the country.

Senator Waqar informed the Chinese envoy that there existed vast potential for Chinese enterprises to invest in various sectors of Pakistan’s economy.

He urged the investors of both the countries to work together to explore new avenues to enhance the existing bilateral trade and investment relations while ensuring transfer of technology.

Senator Waqar briefed the Chinese ambassador on the mode of privatisation process and said that instead of selling the public sector entities through strategic sale, Pakistan was actively considering public-private partnership for expansion in these entities by bringing fresh investment to increase production and quality through transfer of latest technology.

The government was taking steps to encourage and attract foreign and local investors through an open and transparent privatisation process by providing a level-playing field to all, he explained.

The Chinese collaboration in the public sector in Karma, Sandak, Ghazi Brotha, HMC Taxila and Gwadar Port reflected the close friendly bonds between the two countries.

Earlier, chairing the first meeting of the Privatisation Commission after assuming charge of the new portfolio, Senator Waqar observed that the commission should be vibrant with a target to maximise the sale proceeds by exercising utmost transparency through a fair process in accordance with the prevailing rules and procedures.

He called upon the officials of the commission to adopt international practices for improving image of the country as an investment-friendly country to effective attract investors.

The minister directed the officials to lay down a realistic timeline for the sale of approved public sector entities in a professional manner.