Chinese firms to invest over $5b in Pakistan in 3-5 years
PM directs harmonization of federal, provincial business laws
Prime Minister Imran Khan has expressed government’s commitment to encourage investors and provide them all out facilities. He was chairing the meeting of Board of Directors of Board of Investment here on Friday. The Prime Minister said different laws at federal and provincial levels, unnecessary rules and regulations for businesses, hurdles by government departments for business community and corruption resulted in stagnation of industrial development.
He said the large number of youth in the country, availability of cheap workforce and liberal government policy provide conducive environment to investment which should be fully utilized.
The Prime Minister directed the Chairman BoI to complete the process of harmonizing and integrating the federal and provincial laws on business within a month. He said the relevant laws should be made simpler in coordination with the provinces in the light of recommendations of Board of Investment.
Leading Chinese companies have committed to invest five billion dollars in Pakistan in next 3-5 years. The commitment was expressed during a meeting of a high level delegation of over 55 executives and CEOs of the leading Chinese companies with Prime Minister Imran Khan here. Chinese business executives expressed confidence in the business friendly policies of the government and committed to invest five billion dollars in five years in various small and medium size industrial sectors of Pakistan. The Prime Minister welcomed the investment plans of Chinese companies.
The visiting delegation represented various sectors including construction, machinery, glass, automobile, electrical, power, transportation, information technology and technological research. The visit of the largest ever Chinese delegation is a follow-up of Prime Minister’s visit to China and inking of agreements to enhance bilateral cooperation in different areas. Welcoming the delegation, Imran Khan said interest of Chinese companies towards investment and relocating business and industrial units to Pakistan reflected the trust of Chinese side in the growing economy of our country and a strong desire to translate Pak-China equation into a win-win economic partnership.
Prime Minister Imran Khan Friday directed the Board of Investment (BoI) chairman to harmonize the business-related laws enforced at the center and the provinces within a month.
Chairing a meeting of the BoI’s Board of Directors here, the prime minister also directed to ease the business-related laws in light of the Board’s recommendations to remove unnecessary conditions.
Moreover, Prime Minister Imran Khan on Friday chaired a meeting in Islamabad to review the evaluation progress on Naya Pakistan Housing Program. According to details, the meeting reviewed various legal and administrative aspects of the housing program. Law Minister Dr Farogh Naseem, Minister for Economic Affairs Hammad Azhar, Advisor on Finance Dr Abdul Hafeez Shaikh, Advisor on Commerce Abdul Razak Dawood, Chairman Board of Investment Zubair Gillani, Secretary Housing Dr Imran Zeb and Chairman Naya Pakistan Housing Authority retired General Anwar Ali Hyder attended the meeting.