ISLAMABAD
President Mamnoon Hussain has said that friendship with China is the cornerstone of Pakistan’s foreign policy adding that Pakistan and China are iron brothers.
The President said this while talking to a delegation of China Three Gorges Corporation (CTGC) led by Chairman Board of CTGC, Lu Chun who called on him along with a delegation at Aiwan-e-Sadr on Wednesday.
The President appreciated the significant investment plans of CTGC to develop renewable power projects in Pakistan, particularly large hydropower projects. The President commended Lu Chun for his dedication and focus on leading the Pakistan investment programme of CTGC.
The President appreciated the lead role of International Finance Corporation (IFC), the private sector arm of the World Bank Group as one of the largest investors in the Pakistan power sector. The President also congratulated CTGC and IFC on the establishment of China Three Gorges South Asia Investment Limited (CSAIL) as the two founding shareholders for investment of $7 billion for development of 3,000 MW of multi-stage renewable power projects in Pakistan. The President stated that the historic visit of Chinese President to Pakistan will herald a new phase of strong bilateral cooperative partnership between the two brotherly countries.
The President encouraged CTG to take advantage of investment friendly policies of Pakistan by investing in hydro, wind and solar projects and assured of support of Government of Pakistan in this regard.
The President assured the support and cooperation to China Three Gorges South Asia Investment Limited (CSAIL) during implementation of its power projects in Pakistan. During the course of meeting, the delegation also apprised about CTGCs future investment plans in Pakistan.
After the meeting, a shareholders agreement between International Finance Corporation and China Three Gorges Corporation was signed. President Mamnoon Hussain also witnessed the signing ceremony.
The IFC delegation comprised Dimitris Tsitsiragos, Vice President Head of Delegation, IFC, Nadeem Ameer Siddiqui Senior Manager, Ms. Shabana Khawar, Principal Country Officer, Azhar Iqbal Hussain, Senior Investment Officer, Lachlan Henderson Jackson, Senior Counsel and CTGC’s delegation included Lu Chun, Chairman of BOD of CTGC, Lin Chuxue, Vice President TGC, Wang Shaofeng, Chairman, BOD of CSAIL, Ms. Jin, Zheping, Interpreter, Qin, Guobin, CEO, CSAIL. The participants from Pakistan side including, among others,  Mohammad Younus Dagha, Secretary, Ministry of Water & Power,  Zafar Mehmood, Chairman, Water and Power Development Authority (WAPDA), Shahjahan Mirza, MD Private Power Infrastructure Board (PPIB) and senior officials of President’s Secretariat.
BoI to solve Chinese group’s problems
 A delegation of China Three Gorges Corporation on Wednesday approached the Board of Investment, seeking help to solve their problems regarding tariff and taxation on their existing projects in Pakistan. A high-level 7 members Chinese delegation of China Three Gorges Corporation headed by Lu Chun; Chairman of Board of Directors visited Board of Investment met with Minister of State/ Chairman, Dr. Miftah Ismail. Minister of State assured full cooperation to the Chinese group to resolve the problems of taxation & tariff, with Nepra and other relevant agencies.
The delegation also discussed and explored the investment opportunities available in power sector in Pakistan. Lu Chun, Chairman of Board of Directors of China Three Gorges Corporation briefed the state minister about the progress of their existing projects in wind and solar power projects. He intends to make future investment in different power projects in Pakistan.
Dr Miftah Ismail said that BoI, being the apex body of the Government for investment promotion and provide facilitation to foreign investors and welcomed to Chinese businessmen / entrepreneurs to visit Pakistan. The BOI will facilitate and assure them full support with regard to arranging their meetings with relevant Ministries/ Divisions/ Departments as and when needed.
He also informed that Pakistan is committed to provide an investment friendly regime to investors by offering lucrative fiscal incentives and conducive business environment. The laws have been tailored to safeguard and ensure protection to the investments. The foreign investment is fully protected under the Foreign Private Investment (Promotion & Protection) Act, 1976 and Protection of Economic Reforms Act 1992.
At the end MOS/ Chairman, BOI thanked Lu Chun, Chairman of Board of Directors of China Three Gorges Corporation, and appreciated his efforts and intention with regard to boost investment and economic relations between the two countries.