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Chinese businesses to invest Rs790 bn in Pakistan

National

July 13, 2019

ISLAMABAD: Chairing the meeting of Board of Directors of Board of Investment (BOI) at the Prime Minister Office (PMO) on Friday, Prime Minister Imran Khan expressed government's commitment to encourage investors and provide them all out facilities.

The Prime Minister said different laws at federal and provincial levels, unnecessary rules and regulations for businesses, hurdles by government departments for business community and corruption resulted in stagnation of industrial development. He said the large number of youth in the country, availability of cheap workforce and liberal government policy provide conducive environment to investment which should be fully utilised.

The Prime Minister directed the Chairman BOI to complete the process of harmonizing and integrating the federal and provincial laws on business within a month. He said the relevant laws should be made simpler in coordination with the provinces in the light of recommendations of Board of Investment.

In the meanwhile, a review meeting to evaluate progress on Naya Pakistan Housing Programme (NPHP) was held at the PMO with Prime Minister Imran Khan in the chair. It was attended by Law Minister Dr. Farogh Naseem, Minister for Economic Affairs Hammad Azhar, Adviser on Finance Dr. Abdul Hafeez Shaikh, Adviser on Commerce Abdul Razak Dawood, Chairman Board of Investment Zubair Gillani, Secretary Housing Dr. Imran Zeb and Chairman NPHP Authority General ® Anwar Ali Hyder. The meeting reviewed various legal and administrative aspects of the housing programme.

The Prime Minister impressed upon the participants to complete the task within stipulated time and delay wouldn’t be tolerated in it.

Meanwhile leading Chinese companies have committed to invest five billion dollars (Rs 790 bn) in Pakistan in next three-to-five years during their meeting with Prime Minister Imran Khan here on Friday.

The commitment to this effect was expressed during a meeting of a high level delegation of over 55 executives and CEOs of the leading Chinese companies with Prime Minister Imran Khan.

Chinese business executives expressed confidence in the business friendly policies of the government and committed to invest five billion dollars in five years in various small and medium size industrial sectors of Pakistan.

The Prime Minister welcomed the investment plans of Chinese companies. The visiting delegation represented various sectors including construction, machinery, glass, automobile, electrical, power, transportation, information technology and technological research.

It may be mentioned here that the visit of the largest ever Chinese delegation is a follow-up of Prime Minister’s visit to China and inking of agreements to enhance bilateral cooperation in different areas.

Welcoming the delegation, Imran Khan said interest of Chinese companies towards investment and relocating business and industrial units to Pakistan reflected the trust of Chinese side in the growing economy of our country and a strong desire to translate Pak-China equation into a win-win economic partnership.

He said the government was facilitating investors and reducing impediments in ‘ease of doing business’ and that the partnership with Chinese companies and their investment would yield multiple benefits for both the countries including employment generation, transfer of technology and economic growth.

While talking about CPEC, the Prime Minister reiterated that CPEC will prove to be a game-changer with respect to enhancing trade activities and further cementing Pak-China relations. He said fast-track implementation of CPEC projects is our priority for which a special unit is overseeing implementation of various projects in Planning Division.

On the occasion, Chinese Ambassador Yao Jing said Chinese investors have observed fundamental improvement of policies and facilitation of foreign investors. He said Chinese government will extend all possible support towards realizing the vision of a strong, stable and prosperous Naya Pakistan.

Planning Minister Makhdoom Khusro Bakhtiar and Commerce Adviser Abdul Razzak Dawood briefed the meeting about CPEC projects and various steps being taken to facilitate businesses and improving ease of doing business. Chairman Board of Investment Syed Zubair Haider Gilani and Chairman FBR Syed Shabbar Zaidi were also present during the meeting.

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