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Showing posts from September 20, 2021

Chinese firms to invest $15b in petrochemicals sector

BoI secretary says enabling business environment plays pivotal role in attracting domestic and foreign investment ISLAMABAD: Federal 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 a

Working on reviving confidence

NASIR JAMAL Last week, federal planning, development and special initiatives minister Asad Umar sought to quash worries that the work on the multibillion-dollar strategic China-Pakistan Economic Corridor (CPEC) was facing delay. His comments came a day after a Senate panel had expressed concerns over the slow pace of development on the CPEC and the disappointment expressed by the Chinese companies over negligible progress on the project under the Pakistan Tehreek-i-Insaf (PTI) government during the last three years. The minister advised the opposition to avoid politicising CPEC, claiming that it was incorrect to say that work on the project had been halted (under the PTI government). He also took credit for initiating work on the western route of the CPEC, which had been ignored during the PML-N tenure. He claimed that the work on the second phase of CPEC — industrial cooperation between the two countries — had also begun during the last two years. Asad Umar said the CPEC projects wort

Govt to make partial payments soon to anxious Chinese investors

THE NEWSPAPER'S STAFF REPORTER ISLAMABAD: The government is expected to make partial payments out of about $1.4 billion payables in a few days to assuage concerns of the worried Chinese firms that have invested in independent power producers (IPPs) and other projects. “We are working hard to clear at least some of the payments at the earliest,” a senior government official told  Dawn , adding the payables of the power producers working under the China-Pakistan Economic Corridor (CPEC) had crossed Rs230bn (about $1.4bn) and the Chinese investors had been agitating against this at the highest government level. Meanwhile, the Chinese contractors of Dasu Hydropower Project, which is not part of the CPEC, have not resumed the construction activities they had stopped more than two months ago after a  terrorist attack , despite elaborate security cover provided by the Pakistan Army. Payables of power producers working under CPEC have topped Rs230bn However, they have raised the issue of c