Reko Diq licence to clear way for $4 billion investment

LAHORE - High Commissioner of Canada to Pakistan Ross Hynes has stated that if Canadian companies are granted the licence of the Reko Diq project, they would make an investment of up to $4 billion. 'The investment will help increase the GDP of the country by 1.4 per cent, besides providing employment to about 10,000 people, he said. He was talking to Waqt News after meeting Nawa-i-Waqt Group Managing Director Majid Nizami and visiting the offices. He said the Canadian companies have so far invested about $400 million in Reko Diq project. 'Canada and Pakistan can develop meaningful collaboration in sectors like education, agriculture, livestock and women empowerment, he added. Canada pursues a broad range of interests in the context of bilateral relations with Pakistan, including development cooperation; people-to-people links; regional security and defence; governance and human rights; trade and investment, he observed. He pointed out that Canada-Pakistan bilateral trade has reached $800 million. Hynes further said that opportunities for Canadian companies exist in infrastructure, Information and Communication Technologies (ICT), mining, energy, agri-food and wood sectors. Pakistan remains an important ally for Canada in the global fight against terrorism, he stated. 'Canada and Pakistan continue to work together to enhance mutual regional security interests. Canada believes that democracy is integral to a peaceful and prosperous future for Pakistan and to this end, supports programmes that help strengthen democratic institutions, he added. As of February 2011, the government of Canada has allocated $79.8 million in response to the 2010 floods in Pakistan, he said. He further said:$71.8 million is being provided by CIDA for humanitarian assistance and early recovery and $8 million by the Department of Foreign Affairs and International Trade. Individual Canadians donated $46.8 million to registered Canadian charities in support of flood relief, which was matched by the Government of Canada, he said.