Govt to remove all impediments in way of business: PM
ISLAMABAD: Prime Minister Imran Khan said his government was committed to removing all impediments in the way of doing business and making Pakistan an attractive place for investments, particularly by the foreign entrepreneurs.
Addressing the inauguration of the US$ 200 million Glass Manufacturing Complex to be built in Pakistan by Deli China & JW Sez Group, he said it was the first Joint Venture between the two countries under the China Pakistan Economic Corridor (CPEC).
The prime minister said Pakistan has a large young population that could play a key role in getting optimal benefit from CPEC, generate economic activities and create new jobs.
He stressed the importance of technology transfer and said in his forthcoming visit to China, a large business delegation would be accompanying him where they would discuss ways to further strengthen the CPEC and build robust business to business ties.
He said CPEC would help also help build trade, investment ties and expand their bilateral relations in all areas. He said the days when Pakistan’s economy would turn around and attract the people back to the country were not far off.
He also mentioned the government’s ambitious affordable housing project and said he would be discussing it with the Chinese authorities. Imran Khan appreciated the efforts of JW- SEZ Group for bringing Chinese investment to Pakistan. He expressed the belief that this investment would boost foreign investors’ confidence in Pakistan.
Chinese Ambassador to Pakistan Yao Jing termed the joint venture beginning of cooperartion between the two private sectors and said his country was eagerly looking forward to the visit of Prime Minister Imran Khan. He said his country encouraged setting up of such joint ventures so as to boost Pakistan’s manufacturing capabilities, generating economic activities and jobs’ creation.
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 approx., US$ 200 million into the economy, and is expected to create manufacturing and construction jobs and lend a support to the government’s agenda on creation of 10 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.
The project would utilize the natural resources in Pakistan and use latest technology to convert into glassware, float glass and other kinds of glass products.
The event was attended by Defense Minister, Pervez Khattak and Minister of State for Communications Murad Saeed, Ambassador Extraordinary & Plenipotentiary of China to Pakistan, Mian Muhammad Aslam Iqbal, Minister of Industries, Commerce and Investment, Punjab along with Shah Faisal CEO, JW-SEZ Group, Shi WeiDong Chairman, Anhui Deli Glass Co and Wang RongFu CEO, Deli-JW Glassware Company
HNR CEO Javed Afridi said the initiative of “Startup Pakistan” would boost economy and bring Pakistan to the fore in exporting quality mirror products to the international market and help cut down US100 billion dollars in import bill. He said the production from local glassware units would replace import of premium quality glassware from China and elsewhere to Pakistan and enable Pakistan to export it to the rest of the world.
According to the timeline shared by the officials, the project would be set up in Industrial City M-3, FIEDMC, Faisalabad on its existing industrial and utility infrastructure and its SEZ status. The unit for the processing of key raw materials would be set up in Risalpur, Khyber Pakhtunkhwa.
The main Glass Manufacturing Complex would comprise Glassware Manufacturing Units (Phase1), Float Glass Units (Phase2), and other / Downstream Value-Added Glass Products (Phase 3). The Phase 1 Ground breaking was held today bringing the production on line by end 2019.
On the heels of Phase 1, the Principal Shareholders plan to initiate Phases 2 and Phase 3, based on strongest support of the Government of Pakistan as well as the Government of the Punjab in extending the SEZ Incentives and the SEZ Facilities (in particular electricity, natural gas at competitive prices) for Phase 2 and Phase 3 of the project.