Chinese investment in early harvest energy projects attracted foreign investment in industrial sector

APP - Chinese investment in early harvest energy projects under China-Pakistan Economic Corridor Projects has improved the energy availability, which had attract the foreign investment in industrial sector of the country.

This was stated by the Minister of State for Finance Rana Muhammad Afzal Khan while addressing a workshop “China-Pakistan Economic Corridor Project and Regional Development". The event was organized by the Institute of Peace and Diplomatic Studies.

The minister said that CPEC impact in regional integration was an important subject, adding that it would reduce the distance for the transportation of goods, besides saving the time and cost of the industrial goods.

He said that Chinese companies had made huge investments in short-term early harvest energy projects, which not only fulfilled the domestic energy requirements but they were helping in industrial development of the country.

He said that many foreign companies were keen to invest in local industrial sector particularly in auto-mobile manufacturing, adding that Hyundai Company and a French company were installing their plants in Faisalabad Industrial Estate.

He informed that other countries like UK, Turkey & Gulf States were also interested to make investment in the industrial sector of Pakistan as it was offering an attractive incentives for foreign investors.

He informed that Pakistan was offering special investment incentives to foreign investors in special Economic Zones including duty free imports of machinery and tax holiday for10- year and cheap skilled and semi-skilled labor force.

Rana Muhammad Afzal said that interest rate in the country was at the lowest as compared to the regional markets, adding that one window facility for company registration was started in collaboration with Securities and Exchange Commission of Pakistan.

He said that CPEC has opened more avenues for regional investment and cooperation and it was high time for the promotion of intra-region trade among the SAARC members’ states for progress and prosperity of the region.

He said that China was a huge market and it import food commodities worth US$ 100 billion per annum to tackle its domestic requirements, adding that Pakistan as an agriculture economy could get benefit from Chinese market by exporting its food products.