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September 18, 2019

China, Russia show keen interest in PSM’s revival, PM told

Top Story

September 18, 2019

ISLAMABAD: Chinese and Russian companies have shown interest in the revival of Pakistan Steel Mills (PSM) and the offers are being evaluated by Pakistan.

It has been revealed in a high echelon meeting here under Prime Minister Imran Khan where progress on incentives being offered for attracting foreign investment in the industrial sector and relocating units to the country were reviewed. The meeting was attended by Minister for Economic Affairs Muhammad Hammad Azhar, Minister for Planning Makhdoom Khusro Bakhtiar, Minister for Power Omar Ayub Khan, Adviser on Commerce Abdul Razzak Dawood, SAPM on Information Dr Firdous Ashiq Awan, Chairman Board of Investment Syed Zubair Haider Gilani, Secretary Finance Kamran Naveed Baloch, Secretary Foreign Affairs Sohail Mahmood, Secretary Planning Shoaib Siddiqui, Member Policy FBR and senior officials.

The meeting was briefed that SEZs in Pakistan have great potential for attracting investments particularly the Chinese companies. It was also apprised that China has expressed keen interest in various Pakistani product which will improve trade balance between the two countries. The meeting was informed that CPEC remains the top-most priority of the government and infrastructure development, energy and communication sectors have been earmarked for attracting investments.

Prime Minister Imran Khan stated that Pakistan is now on the right track of economic growth and in order to attract investments, the government will provide incentives to potential investors along with ease of doing business.

The prime minister directed Finance, Planning and Commerce Divisions and the Board of Investment to peruse successful investment models of regional countries so as to offer best facilities and incentives to the investors. The prime minister also directed to fast-track the process of provision of utilities such as electricity, gas and road access to SEZs so that potential investors do not face any hindrance in investments and establishment of industries.

Adviser Finance Dr Abdul Hafeez Shaikh, Governor State Bank, Secretary Finance were also present during the meeting.

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