PM Shehbaz accords approval to joint ventures project b/w Chinese & Pak companies regarding the transfer of Chinese industries to Pak

ISLAMABAD, June 26 (SABAH): Prime Minister Mian Muhammad Shehbaz Sharif has accorded approval to joint ventures project between Chinese and Pakistani companies regarding the transfer of Chinese industries to Pakistan.

PM Shehbaz Sharif gave this approval while presiding over a high-level meeting on matters related to Board of Investment in Islamabad on Wednesday. PM Shehbaz Sharif said promotion of national and foreign investment in Pakistan is the top most priority of the government.

He directed to submit a comprehensive report on the progress of Memorandum of Understandings signed between Pakistani and Chinese companies at Shenzhen during his visit to China.

The Prime Minister further directed to revise the Special Economic Zones One Stop Shop Law in the context of developments after his recent visit to China.

The Prime Minister said the government is taking all possible steps to provide business-friendly environment to traders and investors. He said there is great potential for relocation of China’s textile, leather, footwear and other industries in Pakistan.

Briefing the meeting, the Secretary Board of Investment said steps are being taken regarding relocation of Chinese industries in Pakistan, while services of Chinese experts are being hired for the establishment of Islamabad Business Facilitation Center.

It was further informed that draft regarding Ease of Doing Business Act is also being sent to Cabinet Committee on Legislative Affairs soon.