The state-owned NORINCO is looking to invest in an array of renewable energy projects in Pakistan.
By Staff Reporter
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif Thursday called upon Chinese companies to invest in the huge potential of renewable energy, particularly in the solar power in Pakistan.
He was talking to a high-powered delegation of Chinese state-owned Company, NORINCO that called on him in Islamabad.
China-Pakistan economic cooperation is critical to Pakistan’s socio-economic uplift, the PMS said, as he highlighted the significance of CPEC as a transformational project for the mutual benefit and development of both the friendly countries.
The younger brother of Prime Minister Nawaz Sharif, thrice prime minister of Pakistan who laid the foundation of the CPEC, the PM said Pakistan stood open to investment and his government was taking steps to remove all impediments for further facilitation of the investors.
The Prime Minister also thanked the Chinese President Xi Jinping and Premier Li Keqiang for their consistent and unwavering support to Pakistan, particularly in current economic situation.
The Prime Minister appreciated NORINCO’s role in the Lahore Orange Line Metro Train project, which, he said, was facilitating hundreds of thousands of commuters in Lahore on a daily basis, becoming a milestone in the development history of Pakistan.
PM Sharif recalled that Lahore Metro project was the first G2G project for which open bidding took place. Further negotiations were then held with the lowest bidder, leading to a saving of USD 600 million.
The delegation praised the PM for his untiring efforts to steer Pakistan out of the current economic crisis. It noted that PM Shehbaz Sharif was a great friend of China whose business-friendly policies had deepened economic cooperation and facilitated foreign direct investment in the country.
The NORINCO delegation showed keen interest in investing in a several renewable energy projects in Pakistan, including a 100 MW wind power project in the wind corridor in Thatta.
Investment in fibre optic along the railway lines, copper and iron ore mining at proven reserves, and infrastructure development in major cities of the country were among the key investment opportunities highlighted by the company as potential venues for investment.
The delegation was led by NORINCO International vice-president Wang Xiaobing and CEO NORINCO International (Pakistan) Li Chen.
Federal Ministers Khawaja Saad Rafique, Syed Naveed Qamar, Chauhdary Salik Hussain, Advisor to PM Ahad Cheema, SAPMs Syed Tariq Fatemi, Mohammad Jahanzeb Khan, Zafar-Ud-Din Mahmood and officials from concerned ministries were also present in the meeting.
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