More than half of the Chinese companies listed on the Fortune 500 have invested or conducted business operations in Pakistan.
The Fortune Global 500 is a yearly ranking of the top 500 corporations worldwide as measured by revenue.
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According to the latest report of the Fortune Global 500, out of the 143 Chinese companies on the list, more than half have operations in Pakistan.
It is pertinent to note that China has been ranked No. 1 on the Fortune Global 500 list for 2021 for a second consecutive year.
The total number of Chinese companies, including those from the Hong Kong Special Administrative Region (SAR) and the disputed island of Taiwan, stood at 143.
Note: Taiwan is a separate country from the People’s Republic of China (PRC). However, China considers Taiwan a “breakaway province” and considers it part of the PRC.
Therefore, China has included 8 of Taiwan’s companies on the Fortune Global 500 list for 2021 on the PRC’s list.
The total number of companies on the list from mainland China and Hong Kong SAR, excluding Taiwan, is 135.
The Chinese companies on the list that have invested or conducted business operations in Pakistan come from diverse sectors.
These sectors include energy, infrastructure, auto, and telecommunication.
Some of these companies are also part of the China–Pakistan Economic Corridor (CPEC).
The State Grid Corporation of China (SGCC) was ranked second on the Fortune 500 list, right behind the US-based retail company Walmart.
The SGCC is the executor of the Matiari-Lahore high-voltage direct current (HVDC) transmission project, recently inaugurated by the Energy Minister, Hammad Azhar.
Likewise, China’s state-owned SAIC Motor was ranked 60th on the list this year. SAIC Motor aims to launch vehicle manufacturing in Pakistan via its local joint venture.
SAIC Motor’s plant renovation in Pakistan will be completed by the end of August 2021, and its locally produced cars will enter the Pakistani market.
Similarly, China’s state-owned FAW Group, ranked 66th on the list, is the co-launcher of Pakistan’s first locally assembled Chinese car, FWA-V2.
Three Chinese internet-related companies — JD.com, Alibaba, and Tencent — stood at 59, 63, and 132.
All three companies have been immensely involved in the digitalization of Pakistan.
It is pertinent to note that Pakistan’s famous e-commerce market, Daraz, is owned by Alibaba.
Meanwhile, Xiaomi was listed as the 84th, witnessing the fastest growth in the global internet and retail industry among the top 500.
Recently, Xiaomi has announced to establish its assembly unit in Pakistan within a few months.
Similarly, Huawei, ranked 44th, has been working with Pakistan’s Higher Education Commission (HEC) since 2015.
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