ISLAMABAD - Prime Minister Shehbaz Sharif on Wednesday gave the green light to the joint ventures between Chinese and Pakistani companies for relocating the Chinese industries to Pakistan.
Chairing a meeting to discuss the matters of 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 concerned to submit a comprehensive report on the follow up of Memorandum 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 the steps were being taken to relocate Chinese industry to Pakistan.
It was told that the 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.
Also, Prime Minister Shehbaz Sharif on Wednesday 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.
He, chairing a meeting to discuss the matters related to the Petroleum Division, 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.
It was told that a strategy would be formulated to enhance production of tight gas and smart meters would be installed to curb gas and oil theft.
The meeting was told that a policy was being formulated to promote electric bikes and vehicles, and domestic electric appliances.
Moreover, the proposals for deregulating the petroleum sector would be worked out besides digitizing the petrol and gas exploration.
The Petroleum Division authorities said that steps were being taken to enhance competitiveness in the petroleum sector, promotion of bio-fuels, and enhancing the local production of oil and gas.
Federal Petroleum Minister Dr Musaddik Malik, Power Minister Awais Ahmed Leghari, PM’s Coordinator Rana Ehsas Afzal and relevant senior officers attended the meeting.