Chinese firms pledge to invest USD 5 bn in debt-ridden Pakistan

Leading Chinese firms have told Prime Minister Imran Khan that they will invest USD 5 billion in cash-strapped Pakistan in various sectors over a period of three to five years.

The commitments were made by a Chinese delegation that comprised over 55 executives and heads of leading companies when they met Khan and other high-ranking officials from the Pakistan government on Friday, The Dawn has reported.

The meeting took place at the Prime Minister's Office (PMO) and was attended by Federal Minister for Planning Makhdoom Khusro Bakhtiar, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Board of Investment chairman Syed Zubair Haider Gilani and Federal Board of Revenue chairman Syed Shabbar Zaidi, besides the Prime Minister himself.

China's Ambassador to Pakistan Yao Jing also participated in the talks.

The Chinese delegation represented key sectors including construction, power, transportation, information technology, and technological research.

Later, a press statement from the PMO said that executives of the leading Chinese firms "expressed confidence" in the business-friendly policies of the Pakistan government and pledged to invest USD 5 billion in the next three to five years in several small and medium-size industrial sectors.

The delegation-level talks come as Pakistan continues to battle a ballooning balance-of-payment crisis.

Several countries, including China and Qatar, have provided bailout packages to Pakistan in a bid to address its economic woes.

Recently, Beijing had given Islamabad USD 4.6 billion in the shape of deposits and commercial loans.

Earlier this month, Pakistan received the first tranche of a loan of USD 991.4 million from the International Monetary Fund (IMF).