Chinese Group issues letter of intent for US$2 bn investment in Pakistan

ISLAMABAD, March 18 (APP):The XCMG and HSS Group of China have issued a Letter of Intent highlighting their course of action to materialize its two billion dollars investment recently announced in Pakistan’s housing and manufacturing sectors.
“This shows that the foreign investors have started reposing confidence in improving business environment of Pakistan due to investors’ friendly policies of the government, Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development remarked while sharing this news with APP.
Earlier, the delegation, representing two Chinese business giants, led by XCMG global sales president Dr Hanson Liu, Chairman HSS Syed Saman Hashmi has apprised Prime Minister Imran Khan of their desire to support the government’s public centric initiatives especially focusing low-costing housing facility and employment opportunities.
He said XCMG and HSS Group’s Letter outlined a four-point agenda of the companies for formalizing its investment plan before converting it into a legal instrument.
First of all, Zulfikar said, the investors assured the government to extend financial and technical assistance for construction of one million facilities in support of the prime minister’s 5 million homes project envisioned by the country’s leadership for the low income class of the society.
“The assistance involves designing, building, financing with pre-fabricated steel and concrete assembling house technology,” he added.
Zulfikar said a heavy truck assembly plant would also be established in the Rashakai Economic Zone to ensure Pakistan’s industry development and create local employment under this investment.
The companies would also provide a solution proposal for sanitation especially, treatment equipments and firefighting engines to the government to make sure the citizen’s safety and convenience.
During the meeting with Chinese companies on March 6 at Prime Minister office here, he said the Ministry of Overseas Pakistanis and Human Resource Development proposed a training centre specializing in equipment operation and welding to train Pakistani workforce at par with global skills standards.
He said the Chinese companies also agreed to help the government establish the training centre in the letter.