President continues deliberations on defence, trade, investment with Chinese leaders

ASSOCIATED PRESS SERVICE


BEIJING : Further progress was made Monday on Pak-China talks on joint investments, trade, defence and energy sectors as President Pervez Musharraf continued deliberations with the Chinese leaders on the fifth day of his State visit to China. Chinese minister for Defence, President of Chinese Exim Bank, Chairman China Investment Corporation (CIC) and CEO China International Investment Corporation, who met the President here at the Diaoyutai State Guest House, assured full support of the Chinese government in the ongoing projects and future ventures in all areas.
President Musharraf was assisted by Minister for Foreign Affairs Shah Mehmood Qureshi and Minister for Defence Ch. Ahmed Mukhtar, Chairman Higher Education Commission, Chairman Trade Development Authority of Pakistan and the Deputy Chairman Planning Commission. Pakistan’s Ambassador to China Salman Bashir was also during these meetings.
The Chinese leaders assured the President that the Chinese government was keen to ensure that all the projects are accorded highest priority and completed on time so that the people get the real benefits by infrastructure development.
Minister for Defence General Cao Gangchuan discussed Pakistan-China defence cooperation with the President. Both the sides reaffirmed their commitment to the strong relationship that exists between the two countries in training, military exercises and other areas.
They recalled the ongoing Pakistan-China co production of the JF-17 fighter aircraft, the F22P frigates and several other projects and said the main objective was to strengthen defence of their countries so as to ensure regional peace and stability.
President Export-Import Bank of China Li Ruogu in his meeting with President Pervez Musharraf said his bank has already invested in projects worth US 2 billion including the Gwadar Port, the Karakoram Highway upgradation project, Saindak Copper project, the Zinc -Lead project, and added that it would be pleased to extend support to projects worth another US one billion dollars.
The new projects under review of the project include the Diamer Bhasha dam, cooperation in various energy projects including coal fired power, the rail link along the KKH and feasibility reports for these would be completed soon.
Chairman of China Investment Corporation Lou Jiwei informed the President that the CIC has at least US $200 billion in capital for investment, of which around US 70 billion was available for overseas investment.
China has currently around US 1.5 trillion dollars in currency reserves and wants to utilize the reserves for the benefit of the State. The CIC plans aims to invest in about 50 large-sized enterprises around the world.
President Pervez Musharraf apprised the Chairman about the several ongoing infrastructure development projects in Pakistan particularly in hydel, energy, roads and rail.
CEO China International Investment Corporation and Chinese Minister for Commerce Chen Deyun also met the President and discussed investment opportunities in Pakistan. They evinced keen interest and said there was a wide scope for extensive collaboration in several areas.