Five state-owned entities to be offered to China for investment


ISLAMABAD: Pakistan will open up five mega state owned industrial entities for Chinese investment either as equity or joint venture partners at the Pak China Business Cooperation Summit on December 18.
According to official sources, the government has decided to offer the Heavy Mechanical Complex, Heavy Electrical Complex, Pakistan Machine Tool Factory, Pakistan Engineering Company and Tools, Dies and Moulds Centres Karachi and Gujranwala to Chinese state owned and private sector companies for investment.
If the Chinese show interest then partnership in Pakistan Steel Mills would also be discussed. The state owned industrial entities have a strong base and infrastructure but they require modernization. The Chinese companies could utilize their market potential by becoming joint venture partners or through equity participation for their expansion and modernization, the sources said.
Pakistan will seek cooperation from China in steel, automobiles, tractors, agricultural machinery, wind turbine manufacturing, electronic and domestic appliances, manufacturing of generator step up transformers rating 220 KV and 132 KV, high module power transformers of rating 160 and 250 MVA and 220 KVA and manufacturing of CNC machine tools.
The Pak-China Business Cooperation Summit is organized by the Board of Investment in collaboration with the Trade Development Authority of Pakistan, Federation of Pakistan Chambers of Commerce and Industries and China Council for the Promotion of International Trade.
Meanwhile a statement issued by the Board of Investment said that 260 Chinese delegates and 150 representatives of local businesses would participate in the summit, in which 23 MoUs would be signed, which might result in $ 25 billion investment in the next five years.
After the summit, Pakistan and Chinese companies would hold business meetings for investment and joint ventures in oil and gas, mining, infrastructure, power, IT and telecom, chemicals, fertilizers, glass, polymers, textiles, engineering goods, textile machinery, automobiles, electronics, agricultural industry and implements, pesticides, cool chains, food and fruit processing and packaging, live stock and dairy farming.