Business

Chinese firms to invest $15 billion in Pakistan’s petrochemicals

Currently, talks related to these projects are underway between Pakistani and Chinese officials. In some positive developments, Chinese companies are willing to invest $15 billion (more than ₨. 25.2 kharab) in Pakistan’s petrochemical industry in the port city of Gwadar.

This was revealed by the Secretary of the Board of Investment (BOI), Fareena Mazhar, to the state-run Associated Press of Pakistan (APP).

Fareena disclosed that the whopping investment in the South Asian country’s petrochemical industry by Chinese companies would include a pipeline extending from China to Gwadar.

Currently, talks related to these projects are underway between Pakistani and Chinese officials.

It is pertinent to note that the BOI is working on 50 reforms to the ease of doing business in the South Asian country and create a favorable investment environment.

Meanwhile, it is not clear whether the potential Chinese investment in the South Asian country’s petrochemical sector is part of the multi-billion dollar China-Pakistan Economic Corridor (CPEC) or not.

It is pertinent to note that despite the recent terrorist attacks on Chinese workers in Pakistan, the cooperation between the South Asian and the East countries is going strong.

Last week, the Chinese business chiefs met with the Prime Minister, Imran Khan, in Islamabad to repose their confidence in Pakistan’s “policy support and security” in the wake of the attacks on Chinese workers in the country.

After the meeting, Prime Minister Imran Khan’s office issued a statement that the premier would hold monthly meetings to “review progress concerning issues faced by Chinese investors.”

According to the Ambassador of Pakistan to China, Moin ul Haque, Pakistan’s exports to the East Asian country has surged by more than 80% in the first six months of 2021.

The ambassador has predicted that Pakistan’s exports to China are on the right track to smash the $3 billion mark by the end of this year.

Mehran Khan

Mehran Khan is a Software Engineer, a leading Digital Marketing expert in Pakistan. With over 4+ years of experience in digital marketing & SEO.

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