LAHORE: The Chinese biotech company SINOVAC which gave the first Covid-19 vaccinations shots to Pakistan has expressed an interest in investing in the health and livestock sector in Punjab. Informed sources have told Profit the investment may be worth as much as $200 million.
According to the details, the company’s delegation held an elaborate meeting with the Secretary Industries, Commerce, Investment & Skills Development Department (ICI&SDD) Ahmed Javed Qazi regarding the investment and discussed potential investment in the medical sector also rather than just in health and livestock.
In a brief sidebar chat, Qazi told Profit that the delegation was interested in investment in Punjab and for that they were given options of various Special Economic Zones (SEZs). “Our SEZs under CPEC are very lucrative for foreign investors and we also gave the Chinese delegation the option of different SEZs. Our SEZs offer one-window facilitation services to investors in terms of providing information/facilitating and authorizing investment. SEZs reduce the cost of doing business, enhance productivity and encourage investments,” he said. “The Chinese company wants to manufacture vaccinations here. We asked them to work for vaccination of livestock as well. Apart from this, the delegation told us that they were also doing detailed research on dengue cure.”
Qazi added that Punjab has emerged as an investment destination in the South Asian region mainly due to Pakistan’s most liberal investment policy. “All sectors of our economy are open for investment unless specifically prohibited or restricted for reasons of national security and public safety. Similarly, foreign equity investment is allowed up to 100% whereas there is no need for permission from the government to start a business,” he added.
Secretary ICCI&SDD further informed that the Arbitration Act of 2011 gives the right to all investors to approach High Courts for recognition. “Our Protection of Economic Reforms Act, 1992, that prohibits the government from compulsorily acquiring any foreign, industrial or commercial enterprise established or owned in any form by a foreign or Pakistani investor for private gain in accordance with law. Foreign Investment Protection and Promotion Act, 1976 allows foreign investors in an industrial undertaking at any time repatriate in the currency of the country from which the investment originated including profits & any additional amount.”
