Over 100 Chinese firms interested to build 28-storey twin tower

Several Chinese companies obtain prequalification document during Investment Road Show at Pakistan’s Embassy in Beijing

Over 100 Chinese firms interested to build 28-storey twin tower

LAHORE: More than 100 Chinese companies have shown their interest to build iconic 28-storey twin tower in the provincial capital during an Investment Road Show at the Pakistan Embassy in Beijing, China.

Spreading over an area of 22 kanals, the construction of the 28-stoery twin tower on Jail Road will cost Rs 4.25 billion. Once completed, it will be the biggest commercial hub in the city. It will house offices, showrooms, shops and brand outlets, besides a food street.

The road show was organised on the directive of Punjab Chief Minister Shahbaz Sharif for inviting foreign financiers to invest in infrastructure projects in Pakistan in which more than 100 Chinese firms obtained prequalification documents.

Pakistan’s Ambassador to China Masood Khalid Khalid, Lahore Development Authority (LDA) Director General Zahid Akhter Zaman and Chief Engineer Asrar Saeed briefed representatives of more than 150 Chinese companies about the project.

LDA Director General Zahid Zaman told businessmen about the objective and technical details of the project. He said that the chief minister had directed the LDA to build a tower equipped with modern facilities. About the project, he said that the proposed tower would have offices, departmental stores, food outlets and a cinema.

The LDA, he said, had been empowered to grant all approvals regarding plans, development and construction. “We have invited private sector, developers and international partners to come forward and help us with their capital, experience, expertise in real estate development,” he added. Representatives of Pakistani banks were also present to give financial advice to the Chinese companies.

Ambassador Masood Khalid briefed Chinese companies about the attractive investment climate in Pakistan and invited them to tap investment opportunities offered by the real estate sector.

Earlier, welcoming the representatives of the Chinese companies, he said that the government of Pakistan was making earnest efforts to bring about prosperity and development in the country.

He added that the government was providing unprecedented and equal opportunities to local and foreign investors and asked them to come forward and take advantage of pro-investment and pro-business policies.

The ambassador said that the legal system in Pakistan ensured full protection to foreign investment, particularly Chinese investment. “We are partners in the development and implementation of the common objective of the ‘One Belt One Road Initiative’ initiated by Chinese President Xi Jinping.” He said that the China-Pakistan Economic Corridor (CPEC) was the flagship project of the ‘One Belt One Road Initiative’.

Masood Khalid said different projects of energy, infrastructure development, roads network and bridges had been launched under the CPEC, and Chinese companies were actively taking part in their implementation.

He said that there was political and economic stability in Pakistan and all major credit institutions had expressed satisfaction over economic growth in Pakistan. He shared with the audience that 19,000 Chinese workers were working in Pakistan where a special security force had been raised for their safety and security.

“To further facilitate Chinese businessmen wishing to visit Pakistan, we have increased the number of flights and now they could reach Pakistan in less than six hours,” he concluded.