The Chinese delegation headed by Jamshaid Ullah, General Manager, Rimedyne Refrigeration System Co Ltd, committed to export 30 CNG buses in the first phase for Islamabad, while CDA informed that they need 500 CNG buses for Islamabad which is environment friendly.
A nine-member delegation from People's Republic of China visited the Ministry of Investment (Board of Investment) and called on Saleem H Mandviwalla, Minister of State/Chairman, Board of Investment and Tariq Puri, Secretary, Ministry of Investment (BOI) on Tuesday.
Chairman, BOI underlined the policy which allows 100 percent foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors. It was further explained that the average rate of return is almost 30 percent and in some cases up to 50 percent.
The delegation was informed that Special Economic Zone (SEZs) are being set up with attractive incentive package. The enactment of the Zone policy is being approved by the Government. Jamshaid Ullah expressed his keen interest in direct sale of their CNG buses or looking for a joint venture partner in Pakistan.
He sought a piece of land in Islamabad for parking of buses, which was agreed by the representative of CDA on lease basis after submission of the feasibility study to CDA for consideration.
Representative of CDA also made presentation showing them different chunk of land available with them for different purposes. The representatives of DART, a management consultant company highlighted the Auto Industry Policy with incentives available to manufacturers of Auto Industry covered under different SRO's.-PR