CPEC related investment has reached approximately $ 53 billion: Pakistani Planning Minister

LAHORE, Aug. 21 (Gwadar Pro) - Pakistani Federal Minister for Planning, Development and Special Initiatives Asad Umar said on Friday afternoon that investment in Pakistan under China-Pakistan Economic Corridor (CPEC) had approximately reached $ 53 billion.

Umar, who also heads National Command and Operation Centre (NCOC), said that 17 projects had so far been completed at a cost of $ 13 billion while projects worth $ 12 billion were nearing completion.

Speaking to journalists here during his visit to Challenge Textile Factory, he said that the inflow of $ 25 billion had not only created thousands of jobs but also helped increase foreign exchange reserves.

The federal minister added that another $ 28 billion investment was in the pipeline which would revolutionize the economy of Pakistan.

He said that Chinese investment in mobile phone manufacturing would help save millions of dollars in foreign exchange.

On the occasion, Special Assistant to Prime Minister on CPEC affairs, Khalid Mansoor said that installation of power plants in the first phase of CPEC has helped overcome 16 hours of load shedding.

"Now we are activating Special Economic Zones (SEZs) so that more quality companies can invest in Pakistan. One window operation at economic zone will help the early solution of problems", he said.

Earlier, Challenge Textiles Managing Director Karen Chen briefed the guests onthe Chinese investment and the company's future plans.