CHINA continues to explore opportunities of investment in different sectors of Pakistan’s economy which indeed in the long run will help the country achieve self-reliance and sustainable growth.
Secretary Board of Investment Fareena Mazhar in an interview with APP on Sunday said that Chinese companies are ready to invest $ 15 billion in the country’s petrochemicals sector, a venture which also includes the project of constructing an energy pipeline from Gwadar to China.
There should not be any delay on our part and Chinese companies must be fully facilitated to materialize this investment given the importance of this sector for our economy.
Petroleum products and petrochemicals over the last two or three decades have continued to play a vital role in building a stronger and prosperous economies across the globe, being engine of economic growth for industrialization and urbanization.
Pakistan can also bring industrial revolution by focusing on the development of chemical manufacturing industry. Despite its importance, Pakistan regretfully has inadequate refining capacity.
Besides, the country lacks any naphtha cracker for producing petrochemicals thus rely entirely on imports for meeting domestic demand. Thus the Chinese investment in this highly critical sector will create avenue for both substituting imports and enhancing the export potential.
In addition, this will also help generate economic activity and help in developing other allied industries and small businesses like they were developed in China, India, Malaysia, South Korea, Thailand and Vietnam where huge investment in petrochemicals and refining supported these countries in attaining prosperity and impressive economic growth.
Saudi Arabia had also entered into an agreement with Pakistan during the visit of Saudi Crown Prince Mohammad Bin Salman back in 2019 for the establishment of a refinery and petro-chemical complex in Gwadar.
There appears to be no progress on it. Our authorities concerned must engage with their Saudi counterparts to accelerate progress on this vital project.
This will not only make Saudi Arabia partner in the CPEC project and help attract further investment in the port city as well as the Special Economic Zones.
