Govt will support joint investment under CPEC.

KARACHI/HUB -- Prime Minister Imran Khan has said his government will support joint investment projects involving companies from Pakistan and China under the China-Pakistan Economic Corridor (CPEC).

Addressing the inauguration ceremony of the 1,320-megawatt China Hub Power Generation Plant in Hub district of Balochistan on Monday, he said that he wanted to see the pattern of joint projects continue under the mega Corridor project.

The prime minister said clean governance and business-friendly policies enforced by the incumbent government were attracting giant firms from across the world to invest in multiple sectors of Pakistan.

He said the red tape used to impede the foreign investment in the past; however the current government was making dedicated efforts to bring ease of doing business. He added that big Chinese companies also want to come to Pakistan.

Prime Minister Imran Khan said the inauguration of the power project was pleasing for it being the first one having been executed in partnership between Pakistani and Chinese firms under CPEC.

He said his government desired to see such joint projects in future also and asked the local small and medium enterprises (SMEs) to collaborate with the Chinese firms interested to invest in Pakistan. He also assured that the government would fully assist and facilitate such an engagement.

The inauguration ceremony was also attended by Federal Minister for Water Resources Faisal Vawda, Balochistan Chief Minister Jam Kamal Khan, Chinese Ambassador in Pakistan Yao Jing and senior officials of the Chinese contractor firm.

Congratulating the firms for successfully executing the project, the premier asked them to utilize at least 20 percent coal from Thar Coal to save the foreign reserves to help address a major issue of current account deficit confronting the national economy.

He said the government had inherited a record current account deficit, which had put the local currency under pressure causing inflation and other allied economic challenges.

The prime minister told the gathering that the government desired to promote power generation through indigenous resources as the country was rich in hydro power potential of around 50,000 MW.

He said huge resources of gas and coal also remained untapped, which otherwise could have saved huge foreign reserves currently used to import oil to fuel the power plants.

The prime minister also asked the contractor firm to expedite work on the desalination plant in...