$15bn Chinese investment in petrochemicals on cards: BoI

ISLAMABAD: The Board of Investment (BoI) has said that Chinese companies have expressed their readiness to invest $15 billion in Pakistan’s petrochemical sector.
In a statement on Sunday, Secretary BoI Fareena Mazhar said the Chinese companies would invest in the petrochemical sector in Gwadar,including the project of energy pipeline from Gwadar to China. She said that bilateral talks are underway for investment in various projects related to China in Pakistan.
She said that it is hoped that in future, Chinese companies would bring investment in Pakistan in the fields of energy, agriculture, tourism and other sectors.
She said the BoI is working hard to attract foreign investment in the country and improve the ‘Ease of Doing Business’ by reducing the cost of doing business in the country, she said. In this regard, the BOI is working on about 50 reforms to create a conducive environment for business and enhance the industrialisation in the country.
The secretary maintained the board is working hard on business reforms which would increase industrial competitiveness in the country and improve the climate for foreign investment in the country.
The secretary said that Pakistan Regulatory Modernisation Initiatives (PRMI) is a key initiative of the government for the modernisation and regulation of local business to provide a conducive business environment in the country. She said that implementation of these reforms, initiated by BOI, is 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.
The secretary said main objective of PRMI reforms strategy is 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 will be increased in the overall private sector and foreign direct investment level without compromising the effectiveness of the various regulatory regimes.
She said the government wants to promote Small and Medium Enterprises (SMEs) culture in the country for bringing foreign investment and to create employment opportunities in the country. She said the government is introducing a new SME Policy and has initiated regulatory reforms for better business regulations in the country.
She said that the 7th Reform Action Plan is mainly focusing on improvements in firm entry regulations, reliability of electricity, tax regulations, trade regulations, creditors’ rights, better property rights, and court efficiency, etc, adding reforms in these areas play a major role in the process of economic development.
An environment where new entrants with drive and innovative ideas could get started in business, she said adding, areas where productive firms could invest, expand, and create new jobs was our prime focus. – TLTP