China Invests US$ 14 Billion In 30 Early Harvest Projects Under CPEC

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Sep, 2016 ) : China has so far invested US$ 14 billion in 30 early harvest projects to be completed under China-Pakistan Economic Corridor (CPEC), a flagship project of One Belt One Road initiative launched by Chinese President, Xi Jinping.

According to Deputy Chief of Mission in Chinese Embassy, Zhao Lijian, out of 30 early harvest projects, 16 were under construction. He said, some early harvest projects would be completed by early 2018 while hydro-power project would be completed in 2020.

Giving details of energy projects to be completed in year 2017, he said in a statement that 70 percent work on Sahiwal Coal Power Project had been completed and its first unit would start producing electricity by end of June next year.

He said, Port Qasim Power Project and Dawood Wind Power project would soon be completed. Zhao Lijian said, Karot Hydro Power project was being competed from Silk Road Fund announced by the Chinese President.

He expressed his satisfaction over the pace of work on different energy, transport, infrastructure and road projects, he said, the Chinese government encouraged qualified companies to invest in Pakistan and explore business and trade opportunities.

The Deputy Chief of Mission said, world's largest construction company was implementing Sukkur-Multan section of Karachi-Lahore motorway project creating more than 10,000 jobs for local people of Punjab and Sindh provinces.

As many as 20 camps had been set up for the staff participating in the construction work of US$ 2.9 billion mega project. About KKH Phase-II project, he said, the construction work on Thakot-Havalian section of the KKH was progressing well.

While commenting on positive impacts of CPEC on Pakistan's economy, he said, the World Bank in its report had acknowledged economic growth in Pakistan while its foreign reserves had climbed to US$ 22 billion.

Zhao Lijian said, in year 2013, China was at number 13 on Foreign Direct Investment (FDI) list of Pakistan, adding, last year China had become number one inventer after the commissioning of CPEC initiative.

He expressed the confidence that CPEC would bring prosperity and opportunities for people of both China and Pakistan, adding, it would create more job opportunities besides ensuring better health and education facilities after its further advancement.