Chinese companies to invest $15bn in petrochemicals sector

ISLAMABAD:  Chinese companies are ready to invest $15 billion in Pakistan’s petrochemicals sector in Gwadar, including the project of energy pipeline from Gwadar to China.

In this regard, Board of Investment (BOI) Federal Secretary Fareena Mazhar on Sunday said bilateral talks were underway for investment in various projects related to Chinese investment in Pakistan.

It was hoped that in the future, Chinese companies would bring investment in Pakistan in the fields of energy, agriculture, tourism and others.

She said the government wanted to promote Small and Medium Enterprises (SMEs) culture in the country for bringing foreign investment and to create employment opportunities in the country and that it was introducing a new SMEs policy as well as initiating regulatory reforms for better business regulations.

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Replying to a question, she informed that the ‘7th Reform Action Plan’ was mainly focusing on improvements in firm entry regulations, reliability of electricity, tax regulations, trade regulations, creditors’ rights, better property rights, and court efficiency etc. and reforms in these areas play a major role in the process of economic development.

The secretary said Pakistan Regulatory Modernisation Initiatives (PRMI) was a key initiative of the government for the modernisation and regulation of local business to provide a conducive business environment in the country. “These reforms are part of the broader strategy of the government aimed at improving productivity and enhancing exports to achieve the objective of sustainable economic growth in the country.”

She said main objective of PRMI reforms strategy was to improve the entry and operational environment for business, focusing on the simplification and automation of the regulatory framework at all three government levels including federal, provincial and district level.

She said the vital success indicator of the initiative would be increased in the overall private sector and foreign direct investment level without compromising the effectiveness of the various regulatory regimes.

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