Imran holds meetings with Chinese premier and state-owned companies in Beijing

On Saturday, Pakistani Prime Minister Imran Khan met Chinese Premier Li Keqiang and top executives of state-owned enterprises in China as Islamabad seeks ways to overcome financial difficulties.

“Prime Minister Imran Khan wrapped up his second day of meetings in Beijing on Saturday with chief executives of China’s largest public and private companies,” the Pakistani Prime Minister’s Office said in a tweet.

“Leaders who met with the Prime Minister included the presidents of China Energy Engineering Corporation (CEEC), China State Construction Engineering Corporation (CSCEC), Power China, East Sea Group, China Railway Group Limited (CREC), China Metallurgical Group Corporation ( MCC), Beijing Century Industrial Development Co. Ltd (CENTINCO) and CHINAMEX Group,” the Bureau added.

During the meetings, the Chinese businessmen briefed the Prime Minister on the status of their ongoing projects in Pakistan and future investment plans worth billions of US dollars in the areas of energy, refining, petrochemicals, infrastructure development, water management, information and communication technologies (ICT). ) and housing.

Appreciating the interests of Chinese companies in boosting trade relations with Pakistan, the Prime Minister pointed out that the Pakistani government has offered many incentives to foreign companies, especially Chinese ones, to invest in Pakistan’s special economic zones, according to the office of the Pakistani Prime Minister.

He assured that Pakistan will continue to support and facilitate Chinese companies for their expanded footprints in Pakistan.

The Prime Minister was accompanied in the meetings by members of the cabinet and senior officials.

The meeting came as Pakistan, with Imran’s visit to China, plans to ease its financial burden and secure more loans from Beijing. Pakistan has set its sights on a $3 billion loan from China to stabilize its dwindling foreign exchange reserves and is also seeking an investment windfall in half a dozen sectors with Imran’s visit to China .

Imran Khan’s government is considering asking China to approve another $3 billion loan to China’s State Administration of Foreign Exchange, known as SAFE deposits, it was reported earlier. The Express Tribune quoting senior government officials in Islamabad.

Beijing had already placed about $11 billion with Pakistan in the form of commercial loans and foreign reserve support initiatives, including $4 billion in SAFE deposits.

Chinese money is part of the country’s current official foreign exchange reserves recorded at $16.1 billion. In the last fiscal year, the country paid more than PKR26 billion in interest charges to China alone for using a $4.5 billion Chinese trade finance facility to pay off maturing debt, according to The Express Tribune.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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