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Chinese business tycoons to launch new airline in Pakistan

Pakistan-China

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A consortium of Chinese investment companies met Prime Minister Nawaz Sharif on 4th of November and promised to bring $3 billion in investment funds to Pakistan. The delegation also expressed the intent of launching a new airline in Pakistan with the permission of Government of Pakistan. The representatives of the consortium belonged to Chinese investment companies comprising China Huarong International Holdings Limited, China Innovative Finance Group Limited, Hong Kong Tian Group, Chandong Hi-Speed Group and China Road & Bridge Group.

The Prime Minister welcomed the delegation warmly, appreciating their interaction with Ministries of Finance, Petroleum and Natural Resources Secretary Water and Power and Capital Development Authority. He commented that the China-Pakistan Economic Corridor is a game changer that will transform lives of billions of people of the region.

The members of the delegation appreciated the practical measures taken by the government in reviving the national economy and said that Pakistan is fully ready and capable of capitalizing the foreign Direct investment. The delegation also expressed its satisfaction with Pakistan’s progress in terms of infrastructure, energy and development. The focus of the $3 billion investment will be infrastructure, power, aviation and tourism sectors of Pakistan.

Prime Minister Nawaz Sharif said on the occasion that the change in economic outlook of Pakistan in the past three years is being acknowledged globally. He expressed satisfaction that Standard and Poor’s (S&P) has upgraded Pakistan’s ranking to B from B-. Pakistan is among this year’s global top 10 improvers in Doing Business 2017. Inflation is continuously being reduced aided by the decrease in petroleum prices.

The Foreign Exchange Reserves of Pakistan have increased to over $24 billion. The PM further added that Pakistan’s policy trends have been consistent, with liberalization, deregulation, privatization, and facilitation being its foremost cornerstone. The Law of Special Economic Zones (SEZ) has been made to meet the global challenges of competitiveness to attract Foreign Director Investment (FDI). Explaining the essence of the Foreign Policy of Pakistan, the prime minister said:

Our Investment Policy has been designed to provide a comprehensive framework for creating a conducive business environment for the attraction of FDI.

Praising Pakistan’s investment friendly environment the consortium stated:

We fully appreciate the vision of Prime Minister Nawaz Sharif which enunciates that economic prosperity is an offshoot of infrastructure connectivity and self-sufficiency in the energy sector.

Referring to the speedy decision making of Chief Minister Punjab, Shahbaz Sharif,the times of India called the “Punjab Speed”, to be the cause of the interest of Chinese investors in Pakistan.