State Minister and Chairman, Board of Investment (BOI) Dr. Miftah Ismail has said that the government is encouraging the private sector for setting up industries especially in steel manufacturing in Pakistan.
He was talking to a Chinese delegation consisting of four members from Jude Long Steel Power Group, China along with M/s Amreli Steels Limited Chief Executive Officer (CEO) Abbas Akbar Ali who visited the offices of the Board of Investment and held a meeting with the minister of state and BOI chairman.
The Chairman highlighted the investment potential and opportunities available for Chinese investors in Pakistan specifically in tower manufacturing sector of Pakistan.
The BOI chairman said that laws have been tailored to safeguard and ensure protection of investments. The foreign investment is fully protected under the Foreign Private Investment (Promotion & Protection) Act, 1976, and Protection of Economic Reforms Act 1992.
On the occasion, M/s Amreli Steels Limited CEO Abbas Akbar Ali said that Amreli Steels Limited is one of the largest manufacturers of steel reinforcement bars and was interested in setting up a plant for tower manufacturing in Pakistan.
He told the meeting that this project will create approximately 2,000 jobs directly. He said that there are some difficulties being faced in setting up of the tower plant in Pakistan – most of them procedural difficulties. The BOI chairman assured them of full support from all the concerned departments and ministries like NTDC, M/O Water & Power etc.