Daily Times

Of 143 Chinese companies on the Annual Fortune Global 500 List, more than half have invested or conducted business cooperation in Pakistan, demonstrating Chinese companies’ confidence in Pakistan’s future economic development.

According to China Economic Net, 143 Chinese companies, including those from the Hong Kong Special Administrative Region (SAR) and the island of Taiwan, dominated this year’s Fortune Global 500 List, making China No.1 on the list for a second consecutive year.In 2020, the number of Chinese companies stood at 133, the first time China’s number surpassed the US.

According to incomplete statistics, among them, at least 75 Chinese enterprises from different sectors, including energy, infrastructure, automobile, telecommunication and Household Appliances, have operations in Pakistan or participated in CPEC projects, bringing money, advanced technology and managerial expertise to Pakistan.China’s State Grid ranked second on the list, right behind the US-based retail tycoon Walmart. Two other Chinese companies made the top 10, namely China National Petroleum and Sinopec Group.

State Grid corporation of China is the executor of the ±660kV Matiari-Lahore high-voltage direct current (HVDC) transmission project. The project was recently commented by Pakistani Energy Minister HammadAzhar as a safe guard to the power system of the country.As many as 34 Chinese automobile manufacturers were on this year’s list. The revenue and profitability of China’s state-owned companies such as SAIC motor, FAW Group, Dongfeng Group and GAC group showed an upward trend while the annual rankings of multinational car companies such as Volkswagen, Daimler, Ford and Honda fell one after another.

SAIC motor, ranking 60 on the list, recently declared to scale up its vehicle manufacture in Pakistan via its local joint venture.Its plant’s renovation will be finished by the end of this month and locally produced vehicles will soon enter the Pakistani car market. China FAW Group, ranking 66 on the list, is the co-launcher of Pakistan’s first locally assembled Chinese car, FWA-V2.

At least 61 Chinese private enterprises hit the list as well. 3 internet-related companies, China’s JD Group, Alibaba, Tencent stood at 59,63 and 132. All 3 of the internet giants have actively participated in the realization of Digital-Pakistan.