China’s in­vest­ment in South Asia climbs to $12.29b

Pakistan Observer - - ECONOMY WATCH -

A.C. SHAHUL HAMEED COLOMBO—China’s in­vest­ments in South Asia climbs to $12.29 bil­lion and the re­gional trade crossed $111 bil­lion as the world’s sec­ond largest econ­omy seeks to make in­roads into the sub-con­ti­nent with its One Belt One Road Ini­tia­tive says a me­dia re­port. China’s in­vest­ments in Sri Lanka, Pak­istan, In­dia and other South Asian coun­tries have reached $12.29 bil­lion. China, the largest lender to Sri Lanka also in­vested over $7 bil­lion in the is­land.

Mean­while, China’s Xin­hua news agency said that China’s co­op­er­a­tion with South Asian coun­tries will be very broad, thanks to the grow­ing shared in­ter­ests and mar­ket de­mand. “A round of key projects has been launched fol­low­ing the Chi­napro­posed Belt and Road Ini­tia­tive to pro­mote eco­nomic growth of the coun­tries and boost re­gional co­op­er­a­tion,” states Vice Min­is­ter of the Min­istry of Com­merce Gao Yen, ahead of the 4th South Asia Expo and 24th China Kun­ming Im­port and Ex­port Fair be­ing held in the Yu­nan Prov­ince from June 12 to 17, 2016.

By the end of 2015 China’s di­rect in­vest­ment in South Asian coun­tries, spe­cially Sri Lanka, Pak­istan, In­dia stood at $890 mil­lion, Gao said. Be­sides plans to step up in­vest­ments in In­dia, China launched the $46 bil­lion China-Pak­istan Eco­nomic Cor­ri­dor (CPEC) with Pak­istan. The Cor­ri­dor to con­nect West­ern China to Pak­istan’s Gwadar deep-sea port on the Ara­bian Sea was an­nounced last year. Ac­cord­ing to an­other re­port last year trade grew 4.9 per cent from the pre­vi­ous year to US111.22 bil­lion be­tween China and SAARC coun­tries namely Pak­istan, Nepal, Bhutan, Bangladesh, Sri Lanka, In­dia, Mal­dives and Afghanistan.

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