Pakistan

Chinese firms to invest $15 billion in the petrochemical industry

petrochemical industry

Chinese companies have showed interest to invest $15 billion in Pakistan’s petrochemical industry, a venture that also includes the development of constructing an energy pipeline from Gwadar to China, stated Fareena Mazhar Federal Secretary Board of Investment (BoI). 

The secretary communicated to the media that Chinese companies are going to invest in the petrochemical sector in Gwadar and stated that discussions were also being carried out for the Chinese investment in numerous projects in Pakistan.

According to the report fetched from the board, Mazhar showed hope that in the near future, investment of Chinese businesses would also result in the upbringing of other fields such as agriculture, energy, and tourism. 

Read more: Chinese firms confident in Pakistan after meeting with PM Imran

“Chinese companies would invest in the petrochemical industry in Gwadar, including the project of energy pipeline from Gwadar to China,” BoI secretary Fareena Mazhar told the state-run Associated Press of Pakistan.

She said that the government wanted to indorse the Small and Medium Enterprises (SMEs) environment in the country aiming to earn foreign investment and to generate employment opportunities in the country. 

Besides this, the government is announcing new SMEs program included in the regulatory reforms with a vision to improve business regulations in the country. 

Mazhar enlightened that the ‘7th Reform Action Plan’ was primarily concentrating on improvements in firm entry regulations, tax regulations, reliability of electricity, better property rights, creditors’ rights, and court efficiency. 

Fareena Mazhar further continued that BoI was putting in endless efforts to earn foreign investment in the country and make it easy for them to do business. Almost 50 reforms are on the way to create a favorable environment for business and improve industrialization in the country, she stated. 

Moreover, Pakistan Regulatory Modernization Initiatives (PRMI) is a basic starter of the government for the innovation and ruling the local business, and application of these reforms is part of the comprehensive plan of the government meant at improving productivity and increasing exports to attain the goal of defensible economic growth in the country.

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