China, Pakistan to initiate construction projects worth $3bn

BEIJING: Chinese and Pakistani construction giants -China Energy Engineering Company (CEEC) and Zahir Khan Brothers (ZKB) Construction Company have decided to work together to explore opportunities in the construction sector of Pakistan.

According to China Economic Net (CEN), the two companies, in a meeting hosted by Commercial Section of Embassy of Pakistan, Beijing, discussed ways and means to take advantage of up to $ 3 billion of projects in road infrastructure sector to be available in Pakistan this year, according to Badar uz Zaman, Commercial Counselor.

“They will also work together to tap opportunities in the special economic zone construction, and buildings for the new factories.

The estimation of the construction activities is around more than $ 2 billion. So, the joint venture having a great experience in the building sector has also agreed to work together,” he told CEN.

Badar stated as both companies specialize in road construction projects, they have a strong record. Particularly CEEC has done many projects overseas. And similarly, ZKB has also played its role in the large construction projects in Pakistan.

It is to be noted that in the backdrop of the construction package announced by Prime Minister Imran Khan and a lot of growth in the construction sector, the joint venture and the memorandum of understanding between the two companies will enable their participation into many construction projects.

In Punjab, he said that there will be more than $ 400 million worth of water related projects this year, and these projects will also be targeted. Besides, many of these projects are financed b the Asian Development Bank and other multilateral fund.