A two member delegation from People's Republic of China headed by Suo Lang Duo Ji, Founder Chairman, M/s Lumena Resources Corporation, China visited Board of Investment and called on Tariq Iqbal Puri, Secretary, Ministry of Investment (BOI) on Saturday to discuss the investment opportunities available in Pakistan for Chinese businessmen both in the public and private sectors.
The meeting was also attended by the representative of Private Power Infrastructure Board (PPIB). Chairman KASB Group also accompanied the delegation. Secretary, Ministry of Investment (BoI) welcomed the delegation and appreciated the Group for visiting Pakistan.
After brief introduction and highlighting the policy parameters of investment in Pakistan, the delegates were informed that the investment policy allows 100 percent foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors.
Suo Lang Duo Ji, Founder Chairman, appreciated the hospitality extended by the Board of Investment. M/s Lumena Resources Corporation, China is the second largest thenardite producer in the world in terms of production capacity and is listed in the Hong Kong stock Exchange. The company also operates the world's largest single line production facility for high quality thenardite products and operates mines in Sichuan province. They further informed that the company is interested in mining minerals and Chemicals with special reference to the production of PPS used in photo voltaic cells.
Replying to a question by Tariq Iqbal Puri, Secretary, Ministry of Investment (BoI) regarding their specific business proposal, Suo Lang Duo Ji informed that this is their exploratory visit to Pakistan and this the first private sector initiative from China.
The delegation was informed that Special Economic Zones (SEZ) are being set up with attractive incentive package. The enactment of the Zone policy is being approved by the government. The Secretary further informed that Pakistan offers sustained FDI flow in Oil and Gas sector. Currently Pakistan is facing energy shortages.
The delegation was briefed about the huge untapped reserves of Coal in Sindh. The Secretary suggested the delegation to enter into a joint collaboration in the production of material used in photo voltaic cells because there is huge availability of sunlight in Pakistan. The delegation was offered to come in the housing sector as the country is facing a huge backlog of housing units.
A MoU was signed between KASB Group, Pakistan and M/s Lumena Resources Corporation, China on strengthening of Corporation as Joint venture to Promote the China Industrial Zone in Pakistan. The MoU encompasses; conducting market survey, analysis; establishing an Industrial Park in Pakistan wherein Chinese companies shall be invited to establish their business facilities; assisting to provide local liaison and shall endeavour to explore areas of mutual interest for Joint Ventures in Pakistan on mutually agree terms and conditions.-PR