Prime Minister Imran Khan Monday said Balochistan is open to the people to invest as the incumbent government is taking immense interest to attract the investment.
“Balochistan is the only province which can give boost to the economic frontiers of Pakistan in future,” he said while addressing the inauguration ceremony of 1320 megawatt China Hub Power Generation Power Plant. He said Balochistan has best places for production of renewable energy and asked the Chinese firms to exploit the potential.
The prime minister said the China-Pakistan Economic Corridor (CPEC) is a golden opportunity for Pakistan. “Previously, CPEC had been limited to roads and power projects; however now it is being expanded to fisheries and agriculture too to enhance the productivity,” he said, adding that China is establishing skill training centers in Pakistan to train the young population of Pakistan which will propel the national economy.
Referring to the immense potential of mining and investment in Balochistan, he asked the Balochistan chief minister to develop special economic zones in Lasbella to facilitate the Chinese firms desiring to relocate to Pakistan. He said clean governance and business-friendly policies enforced by the incumbent government are attracting giant firms from across the world to invest in multiple sectors of Pakistan. He said the red tape used to impede the foreign investment in the past. However, the current government is making dedicated efforts to bring ease of doing business, he added.
Imran Khan said the inauguration of the power project is pleasing for it being the first one having been executed in partnership between Pakistani and Chinese firms. He said the government desires to see such joint projects in future too and asked the local small and medium enterprises (SMEs) to collaborate with the Chinese firms interested to invest in Pakistan. He also assured that the government will fully assist and facilitate such an engagement.
Congratulating the firms for successfully executing the project, the prime minister suggested them to utilize at least 20 percent coal from Thar Coal to save the foreign reserves to help address a major issue of current account deficit confronting the national economy. He said the government inherited a record current account deficit, which put the local currency under pressure causing inflation and other allied economic challenges. He said the government desires to promote power generation through indigenous resources as the country is rich in hydro power potential of around 50,000 MW. He said huge resources of gas and coal also remained untapped, which otherwise could have saved huge foreign reserves currently used to import oil to fuel the power plants.
He said the foreign firm which had won the litigation against Pakistan in Reko Diq case imposing $6 billion fine on the country has again shown interest in the project. He said the company is in negotiation with Pakistan as during his interaction with them in the United States, the company chief had told him that Pakistan has the biggest quality gold reserves. The company is interested to resume working on the project owing to the transparent policies of the government, he added.
He said Pakistan has been deprived of billions of dollars due to corruption. “Not only that firm, many other companies too, including an Australian mining giant, are also interested to invest in Pakistan,” he said, and reiterated that investment cannot be attracted until the country is purged of corruption.
The ceremony was also attended by Federal Minister for Water Resources Faisal Vawda, Balochistan Chief Minister Jam Kamal Khan, Chinese Ambassador Yao Jing and senior officials of the Chinese contractor firm.
