ISLAMABAD: Pakistan is interested to seek Chinese investment in construction and housing sectors to undertake mega projects that will create vast job opportunities in the country which will ultimately promote the economic development of Pakistan.
In this connection Ministry of Housing & Works and China State Construction Engineering Corporation Ltd, (CSCEC) signed an Memorandum of Understanding (MoU).
The MoU was signed by Dr. Imran Zeb Khan, Secretary Housing & Works on behalf of Government of Pakistan and Qin Guomin, Chief Representative of CSCEC.
According to signed MoU CSCEC construct low cost housing units as well as up-gradation of slums for the low income citizens of Pakistan across the country.
This massive initiative will cater for essential elements of community living with provision of clean water and hygienically safe environment.
The project aims at building affordable housing units along with construction of infrastructure including roads, water supply, provision of electricity, natural gas, sewerage system and allied facilities.
The integration of this project under China Pakistan Economic Corridor (CPEC) will be an option for its future implementation in the country.
The CSCEC will have significant part in financing promotion, feasibility study, investment estimation, planning, design and construction of the housing schemes.
Government of Pakistan through Ministry of Housing & Works will have significant role in supply of land, change of land nature, land acquisition, planning and construction permission, property rights transfer, mortgage loan policy, marketing and sales of housing units, etc.
After signing of MoU, Secretary (H&W) in his concluding remarks highlighted the best expected outcome of this new initiative on part of the Ministry and both parties decided to form a sub-committee which shall jointly submit various proposals within 30-days to practically start the construction activity in Pakistan.
Secretary (H&W) on behalf of Government of Pakistan appreciated the initiative and interest of China State Construction Engineering Corporation Ltd in housing sector of Pakistan. He offered various options to the Chinese investors who appreciated and assured of various initiatives at an earliest.
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