Chinese firms to invest $15 billion in Pakistan’s petrochemical sector

Chinese firms will cumulatively invest $15 billion in Pakistan’s petrochemical sector, Board of Investment secretary Fareena Mazhar told participants of the 7th Reform Action Plan.

Mazhar said talks were underway to expedite business deals in this regard.

Highlighting the government’s intention to promote small and medium-scale enterprises in the country, she said that it was necessary to attract investment and create employment opportunities.

The government, she said, would introduce a new policy for promoting Small and Medium Enterprises (SMEs) besides initiating regulatory reforms for improving business regulations.

Addressing the meeting. Fareena Mazhar said that the 7th Reform Action Plan mainly focused on improving firm entry regulations, reliability of electricity, tax regulations, trade regulations, creditors’ rights, property rights, and court efficiency.

Reforms, she said, in these areas would play a major role in the economic development of the country.

The secretary also talked about Pakistan Regulatory Modernization Initiatives (PRMI), a key government initiative aimed at modernizing and regulating local businesses. The basic goal is to create a productive business environment.

Stressing the need for boosting exports, she said that it was key to achieving sustainable economic growth.

“These reforms are part of a broader strategy of the government aimed at improving productivity,” she said.

An improvement in foreign direct investment and a healthier private sector would be a visible indicator of the policy success, she said. All of this, she said, would be done without affecting the effectiveness of various regulatory regimes.

Article source: https://www.samaa.tv/news/2021/09/chinese-firms-to-invest-15-billion-in-pakistans-petrochemical-sector/