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Chinese investors keen to

develop Korangi fish harbour

ISLAMABAD: Chinese companies are keen to develop business interests in fishing sector in Pakistan and have expressed willingness to invest in the development of Korangi Fishing Harbour and fish processing facilities at the port, Pakistan's ambassador to China has informed authorities here.

Sources said Ambassador Riaz Khokhar wrote in a letter addressed to the federal ministries of finance, agriculture and foreign office that some Chinese companies currently fishing in Pakistani waters are interested in major investments under formal arrangements with the Government of Pakistan.

He said these companies were currently fishing in Pakistani waters under various arrangements with local fishing companies or holders of fishing licences issued by the Government of Pakistan. Sources quoted the ambassador as saying to the GoP: "These informal arrangements create complications and often result in unsavoury disputes".

The ambassador has pointed out that due to certain restraints, Pakistan fishers' resources are under-exploited and there is great potential for marine fishing and value-added seafood processing to enhance our exports. "Due to lack of processing and storage facilities, approximate 30 percent of the catch is wasted", sources quoted the ambassador as saying.

The ambassador regretted that shortage of required facilities, technical know-how, inadequate and ill-equipped vessels were other reasons for the retarded growth in the fishing sector in Pakistan.

Khokar said that Chinese companies were "very keen" to develop their business interests in the fishing sector of Pakistan and had expressed their willingness to invest in the development of Korangi fishing harbour and fish processing facilities at the port.

"Please let me know our policy viz-a-viz foreign investment in the fishing sector so that appropriate Chinese companies could be encouraged to revive their interest in Pakistan fishing sector', sources quoted Riaz Khokar as saying to the concerned government functionaries.ÑFortuna