UK-China fund eyes tech parks

A UK-China fund has shown interest in establishing technology parks in Pakistan and investing in Pakistan Steel Mills, as the Board of Investment (BOI) held a high-level meeting with a delegation led by David Dai, Executive Director of Sino British Regional Development Fund Management Co Ltd, and Brigadier Abid Cheema, CEO of The Silicon Village.

The delegation expressed keen interest from Chinese investors in lithium-based technologies and potential investments in Karachi, as well as in Pakistan Steel Mills, according to a statement issued on Friday.

Senior officials from BOI, including Additional Secretary Erfa Iqbal, Director General Mehmood Tufail, and Special Assistant to Prime Minister (SAPM) on China Zafaruddin, also attended the meeting.

During the meeting, the executive director of the UK-China fund shared his experience in facilitating technology transfer from the United States to China, and now from China to other regions. He emphasised that Pakistan holds significant potential in emerging technology sectors, particularly in computer chip packaging, conductors, green energy chargers, and advanced manufacturing.

Brigadier Abid Cheema briefed the minister on developments at The Silicon Village, including Pakistan's first tax-free technology zone and the country's first AI-powered data centre. The minister termed these landmark achievements for Pakistan's technology landscape.

Dai further informed that their company operates a technology park in China and is considering establishing sister parks in collaboration with The Silicon Village in Pakistan.

Federal Minister for BOI Qaiser Ahmed Sheikh briefed the delegation on ongoing discussions with Russia regarding Pakistan Steel Mills and invited them to visit Karachi. He also highlighted the recent discovery of iron ore reserves in Chiniot.

The minister elaborated on incentives under Special Economic Zones (SEZs), including a nine-year income tax exemption and zero import duty on machinery. He reiterated that the government is actively promoting joint ventures.

Additional Secretary Erfa Iqbal appreciated the delegation's interest and emphasised that all ministries are working on progressive policies, with the Ministry of Industries focusing on solar energy and electric vehicles.

The minister assured full facilitation by BOI to investors, reaffirming its commitment to resolving regulatory and non-regulatory challenges.