PM okays China industry relocation
Finance ministry sources said that the IMF had also objected to giving Rs50 billion to the Chinese IPPs in Feb this year without renegotiating the agreements. Photo: file
Prime Minister Shehbaz Sharif on Wednesday gave the green light to joint ventures between Chinese and Pakistani companies for relocating Chinese industries to Pakistan.
Chairing a meeting to discuss matters related to the Board of Investment (BoI), he said that promoting both local and foreign investment in Pakistan was among the government’s priorities.
He said the government was taking all possible steps to create a business-friendly environment for traders and investors. The prime minister directed the authorities concerned to submit a comprehensive report on the follow-up of Memorandums of Understanding (MoUs) signed between Pakistani and Chinese companies in Shenzhen during his recent visit to China.
He also instructed a review of the draft law for the Special Economic Zones One Stop Shop in light of the developments following his China visit.
Prime Minister Shehbaz said there was significant potential for relocating China’s textile, leather, footwear, and other industries to Pakistan. Meanwhile, during the briefing, the BoI Secretary said that steps were being taken to relocate Chinese industry to Pakistan.
It was informed that services of Chinese experts were being hired for establishing Business Facilitation Centre in the federal capital and the draft of “Easy Business Act” was being sent to Cabinet Committee for Legislative Cases.
The meeting was attended by Federal Minister for Privatization and Investment Abdul Aleem Khan, Federal Minister for Commerce Jam Kamal, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Petroleum Dr. Musadik Malik, Prime Minister’s Coordinator, Rana Ehsan Afzal and relevant senior government officials.
Alternative energy
Prime Minister Shehbaz Sharif called for a special focus on the promotion of alternative energy, particularly solar energy, besides directing the authorities concerned to formulate a strategy for Thar coal gasification.
Chairing a meeting to discuss matters related to the Petroleum Division, he said Thar coal was significant to cope with Pakistan’s energy needs and instructed taking measures to transport Thar coal to other parts of the country through rail network.
During the briefing, it was highlighted that despite minimal carbon footprints, Pakistan was among the top five vulnerable countries and that measures were being taken to mitigate the climate change impacts by promoting products based on alternative energy.