ISLAMABAD: In view of recent engagements between Pakistan and China, Prime Minister Shehbaz Sharif on Wednesday approved the relocation of Chinese industries to Pakistan as part of joint ventures between companies from both nations.

Chairing a meeting to discuss matters of the Board of Investment (BoI), the prime minister said that promoting both local and foreign investment in Pakistan was among the government’s priorities.

He said the government was taking all possible steps to create a business-friendly environment for traders and investors.

Mr Sharif directed the authorities concerned to submit a comprehensive report on the follow-up of memorandums of understanding (MoUs) signed between Pakistani and Chinese companies in Shenzhen during his recent visit to China.

He also called for a review of the draft law for Special Economic Zones One-Stop Shop in light of developments following his visit to China.

The premier highlighted the potential for relocating China’s textile, leather, footwear and other industries to Pakistan and noted ongoing efforts to facilitate this relocation.

The meeting revealed plans to enlist Chinese experts to establish a Business Facilitation Centre in Islamabad. Additionally, the draft of the ‘Easy Business Act’ will be forwarded to the Cabinet Committee for Legislative Cases.

In a separate meeting on petroleum and Thar coal, Prime Minister Sharif emphasised the importance of promoting alternative energy sources, particularly solar energy. He directed authorities to develop a strategy for Thar coal gasification.

During the briefing, it was highlighted that despite a minimal carbon footprint, Pakistan was among the top five vulnerable countries and that measures were being taken to mitigate the impact of climate change by promoting products based on alternative energy.

A strategy to enhance the production of tight gas and the installation of smart meters to curb gas and oil theft was also discussed.

Moreover, a policy is being formulated to promote electric bikes, vehicles, and domestic electric appliances. Proposals for deregulating the petroleum sector and digitising petrol and gas exploration are underway.

The Petroleum Division is taking steps to enhance competitiveness in the sector, promote bio-fuels, and increase local production of oil and gas.

The meeting was attended by Petroleum Minister Dr Musadik Malik, Power Minister Awais Ahmed Leghari, PM’s Coordinator Rana Ehsas Afzal, and other senior officials.

Published in Dawn, June 27th, 2024