Zardari calls for setting up Energy Fund for mega projects

President Asif Ali Zardari on Thursday called for greater Chinese investment in infrastructure development, particularly in mega energy projects, and proposed setting up of an Energy Fund for mega projects, including hydropower projects.
Zardari, in his meeting with President Hu Jintao on the sidelines of the Shanghai Cooperation Organisation (SCO) summit, called upon the Joint Energy Working Group of the two countries that held its second meeting last month in Islamabad to find new ways in energy production. The two leaders discussed the whole spectrum of bilateral relations, including the recent developments taking place at the regional and international level.
Presidential spokesman Senator Farhatullah Babar quoted Zardari as saying that Pakistan’s ultimate goal was closer economic integration with China. He called for Chinese investment in trans-regional economic projects, particularly in energy sector among Pakistan, Afghanistan and China, and for raising the bilateral trade target of $15 billion by 2015. He said the bilateral trade between the two countries was on an upward trajectory as in 2011 it increased to $10.6 billion from $8.6 billion in 2010, showing an increase of 22 percent. The president said the opening of ICBC’s branches in Pakistan, the currency swap agreement last December and the launching of PAK-SAT 1R project in August 2011, were significant milestones in Pakistan-China relations. He also assured the Chinese leader of Pakistan’s commitment to ensure safety and security of Chinese personnel working in Pakistan. He said the widening and up-gradation of Karakoram Highway as well as realignment of the segment impacted by the Attabad Lake would further facilitate and enhance trade, and people-to-people contacts. He also welcomed China’s support for mega hydro projects and also for connectivity projects in Pakistan.
Zardari meets Krishna at SCO: President Zardari also held a meeting with Indian External Affairs Minister SM Krishna on the sidelines of the SCO summit. According to the Indian media, the president enquired about Indian investments in Afghanistan during the meeting. Krishna told Zardari that these were concentrated in the areas of health, education and capacity building.