Friday, 31 January 2014
Chinese Firm Eyes USD 2 billion Investment in Pakistan
RUYI, a leading Chinese company, has recently announced its decision to make a USD 2 billion investment in Pakistan’s textile and energy sectors. The investment will be made over a period of two years and RUYI also plans to set up power plants that will generate electricity to the capacity of nearly 600MW using coal as a fuel.
The investment proposal was discussed by a four-member delegation from RUYI that comprised its group chairman Yafu Qiu and the Chinese Ambassador to Pakistan. The proposal was discussed with the Pakistani Prime Minister Nawaz Sharif.
During this meeting, the delegation conveyed to the Pakistani Prime Minister that the company intended to make a significant investment of USD 2 billion mainly in the textile and energy sectors of the country. Nawaz Sharif had visited China in 2013, and the delegation’s visit to the country was a follow up of this.
As part of the investment proposal, the Chinese company said that it would be constructing two different coal-fired power plants, each with a 300MW generation capacity. The European Union recently granted Pakistan with the GPS plus status, and this has made the country an attractive investment destination for players in the global textile industry.
According to Pakistan’s Prime Minister Nawaz Sharif, the country’s government has effected several structural reforms in order to make investments in the economy more attractive for both foreign as well as local enterprises.
Currently, the government is adopting an aggressive approach in introducing investor friendly policies so as to attract as much business as it can.
Speaking of the decision of RUYI to invest in Pakistan, the Pakistani Prime Minister said that it would create several jobs and add to the economic development of the country.