Staff Reporter
Islamabad
A delegation of Dutch Company Royal Vopak, that stores and handles various oil, chemicals, edible oils and natural gas-related products all over the world called on Advisor to PM on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood on Tuesday and discussed with him new opportunities for investment related to Terminal and Storage Facilities of LNG in Pakistan.
Head of the delegation apprised the Advisor to PM that Royal Vopak is going to invest 1.5 billion USD in the land-based LNG terminal facility. The terminal will provide cost effective facility to LNG consumers in the country by introducing state of the art modern technology.
This facility will create new job employment opportunities besides, technological know-how in the engineering sector of Pakistan. Moreover, they will also invest 150 million USD in the construction of Prolepryplene Plant and 800 million USD in PARCO Coastal Refinery which will provide storage facility.
The head of the delegation of Royal Vopak urged to have more investment in Pakistan in order to establish long term economic ties between both the countries. He also stressed to explore mutual areas of interest for the investment in chemical industry related projects.
Abdul Razak Dawood urged the delegation/companies to invest in Pakistan owing to its improved global ranking in Ease of Doing Business Index by 11 points.
In this regard, Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations to facilities investors He added that Pakistan has taken various effective steps to improve investment procedures by establishing better investment facilitation regime in Board of Investment.
Moreover, the Advisor to PM informed the delegation regarding enormous investment opportunities in technology upgradation in various sectors 6tthe economy including chemical sector.
Abdul Razak Dawood apprised the delegation that Special Economic Zones (SEZs) provide incentives to investors by allowing duty free import of machinery besides tax holiday for ten years and urged the representative of Royal Vopak to make investment in these zones to get better returns on their investments.
