Chinese Companies to Invest $15b in Petrochemicals
Islamabad: Chinese firms are willing to spend $15 billion in Pakistan’s petrochemicals sector in Gwadar, including the construction of an energy pipeline to China.
In this context, Board of Investment (BOI) Federal Secretary Fareena Mazhar stated that bilateral negotiations for investment in multiple projects relating to Chinese investment in Pakistan are now underway.
It was hoped that Chinese firms will invest in Pakistan’s energy, agriculture, tourism, and other sectors in the future.
She stated that the government aimed to foster a culture of Small and Medium Enterprises (SMEs) in order to attract foreign investment and create employment opportunities, and that it was developing a new SMEs policy and commencing regulatory reforms for improved business laws.
The secretary stated that Pakistan Regulatory Modernisation Initiatives (PRMI) was a crucial government program for the modernization and regulation of local businesses in order to create a business-friendly environment in the country.
She stated that the initiative’s key success indicator would be an increase in the private sector and foreign direct investment without sacrificing the efficacy of the various regulatory regimes.
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