Chinese firms to invest $15b in petrochemicals sector

by admin

Secretary Board of Investment (BoI) Fareena Mazhar on Sunday said Chinese companies were ready to invest the $15 billion in Pakistan’s petrochemicals sector, a venture which also includes the project of constructing an energy pipeline from Gwadar to China.

The federal secretary told the APP that Chinese companies would invest in the petrochemical sector in Gwadar and said that bilateral talks were also underway about the Chinese investment in various projects in the country.

Mazhar expressed hope that in the future, Chinese companies would also bring investment in other fields such as energy, agriculture and tourism, saying the government wanted to promote the Small and Medium Enterprises (SMEs) culture in the country for bringing foreign investment and to create employment opportunities in the country.

The government was introducing new SMEs policy as part of its regulatory reforms meant to improve business regulations in the country, she added.

Mazhar informed that the ‘7th Reform Action Plan’ was mainly focusing on improvements in firm entry regulations, reliability of electricity, tax regulations, trade regulations, creditors’ rights, better property rights, and court efficiency. She said that reforms in these areas play a major role in the process of economic development.

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