PM Shehbaz approves Chinese industry relocation to Pakistan
Business
Premier says promoting local and foreign investment is a top priority
(Web Desk) – Prime Minister Shehbaz Sharif on Wednesday approved joint ventures between Chinese and Pakistani companies to facilitate the relocation of Chinese industries to Pakistan.
Chairing a meeting to discuss matters concerning the Board of Investment (BoI) in Islamabad, the premier emphasised that promoting both local and foreign investment was a top priority for the government.
He stated that efforts were underway to foster a business-friendly environment for traders and investors in Pakistan.
Shehbaz instructed relevant authorities to submit a detailed report on the progress of memorandums of understanding (MoUs) signed between Pakistani and Chinese companies during his recent visit to Shenzhen, China.
He also called for a review of the draft legislation for the special economic zones' one-stop shop, in light of developments following his visit to China.
The prime minister highlighted the potential for relocating China's textile, leather, footwear and other industries to Pakistan.
During the briefing, the BoI secretary reported that steps were being taken to facilitate the relocation of Chinese industries to Pakistan.
It was mentioned that Chinese experts were being engaged to establish a business facilitation centre in the federal capital and the draft of the "Easy Business Act" was being submitted to the 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 and senior government officials.
