PM vows to remove business impediments for foreign entrepreneurs
- By Web Desk -
- Oct 25, 2018
ISLAMABAD: Prime Minister Imran Khan on Thursday said the government was committed to removing all obstacles faced in doing business and making Pakistan an attractive place for investments by foreign entrepreneurs.
The prime minister was addressing the inauguration of a glass manufacturing complex to be built in Pakistan by Deli China and JW Sez Group, which he said was the first joint venture between the two countries under the China Pakistan Economic Corridor (CPEC) and is estimated to cost $200 million.
PM Imran said Pakistan has a large youth population that could play a key role to benefit from CPEC, generate economic activities and create new jobs. He also stressed on the importance of technology transfer to China.
He said a large business delegation would be accompanying him on his forthcoming visit to China, where they would discuss ways to further strengthen CPEC and build robust business ties.
He reaffirmed to build trade, investment ties and expand bilateral relations with China in all areas. He said the day when Pakistan’s economy would turnaround and attract people back to the country were not far away.
He also mentioned the ambitious affordable housing project to construct five million low-cost housing and said that he would discuss with Chinese authorities to seek further cooperation.
PM Imran appreciated the efforts of JW- SEZ Group for bringing Chinese investment to Pakistan. He hoped that the investment would boost foreign investors confidence in Pakistan.
Chinese Ambassador to Pakistan Yao Jing termed the joint venture as the beginning of cooperartion between the two private sectors.
He said his country encouraged establishing such joint ventures to boost Pakistan’s manufacturing capabilities, generating economic activities and creating jobs. He added that China was eagerly looking forward to the visit of Imran Khan.
The Deli-JW Glassware Co Limited has been established with the collaboration of Deli China and JW-SEZ Group and other shareholders. Pakistan-China Investment Co Limited is facilitating the Chinese investment in Pakistan and assisting in financing of the project.
This project will inject approximately US $200 million into the economy, and is expected to create manufacturing and construction jobs support the government’s vision to create ten million jobs.
Under the project a modern world class glass manufacturing complex would be setup for the production of premium, export quality glass products in Pakistan, utilising natural resources and latest technology to convert into glassware, float glass and other kinds of glass products.
The project would be set up in the industrial city Faisalabad on its existing industrial and utility infrastructure. The unit for the processing of key raw materials would be set up in Risalpur, Khyber Pakhtunkhwa and is expected to be completed by end 2019.
The event was attended by Defense Minister Pervez Khattak, Minister of State for Communications Murad Saeed, Minister of Industries, Commerce and Investment Punjab Mian Muhammad Aslam Iqbal, along with JW-SEZ Group CEO Shah Faisal, Deli-JW Glassware Company CEO Wang RongFu, and Anhui Deli Glass Co chairman WeiDong