CPEC projects: government to protect local industry's interest: minister

Minister of State and Chairman Board of Investment (BOI) Dr Miftah Ismail said on Monday that the federal government will protect the interests of local industry while negotiating trade agreements with other countries. He said the government will offer same incentives to the Pakistani industry as that of the Chinese industry. He said they needed Chinese investment for strengthening their economy.
He dispelled the impression that only the Chinese are getting benefits from the CPEC projects as their skilled labour is also being hired for the said purpose. He was addressing the consultative meeting of Pakistan Chemical Manufacturers' Association (PCMA), and Board of Investments, Government of Pakistan.
Miftah said that Pakistan needs 10 percent growth rate for 20 years to eradicate poverty and to provide education and health facilities to its masses. Pakistan will achieve 5 and a half percent growth rate in agriculture this year, he said, adding the economic indicators are going in right direction. Miftah Ismail talked in detail about the importance of PCMA and the chemical industry in the development and growth of the economy. He said, "We consider PCMA as an integral and strategic stakeholder in the development and growth of economy in Pakistan." He assured full support of Government and BOI to PCMA in realizing its vision of prosperous and economically independent Pakistan.
Mian Mohammad Adrees, Chairman PCMA welcomed the BOI delegation and highlighted the importance of this meeting for the future of Pakistan chemical industry. "The meeting between BOI and PCMA will redefine the vision of the chemical industry in Pakistan towards a sustainable growth with self-reliance on chemicals currently being imported," said Mian Adrees. He further said, "The inclusion of PCMA's chemical sub-group into the Joint Working group of the China-Pakistan Economic Corridor (CPEC) is a significant development in this direction, and the Government of Pakistan deserves commendations for that."
Secretary General PCMA, Iqbal Kidwai while presenting the working of the association said, "The chemical industry acts as a backbone in the economy of the countries across the world and societies cannot grow without developing this important industry." He further said, "PCMA's goal is to ensure that the products of chemistry can continue to improve the quality of life in Pakistan and we achieve competitiveness in chemical manufacturing and its exports."
PCMA's Chief Consultant and Executive Director, Tahir Jamal Qadir presented a brief on Naphtha Cracker and Petrochemical Complex and elaborated on the benefits the project would bring in terms of chemical import substitutions and job openings. He said, "The Crude-Naphtha-Petchem project will create 3000 to 4000 job openings for the skilled and semi-skilled professionals in Pakistan." Qadir further said, "The effect on the downstream chemical industry would be significant as more and more chemical businesses will be established creating more job opportunities for the local professionals."
The meeting delegates were also briefed on the chemical plants and technologies transfer from China. Parvez Sufi, CEO Pharmagen and member PCMA briefed the participants on the chemical plants relocation and technologies transfer from China. He said, "The chemical plants relocation will no doubt play an important role in developing local industry, however we have to ensure that this does not impact our chemical industry negatively." He further said, "The technologies transfer will help Pakistan economically however we need to focus on the environmental, health, and safety issues related to these offered technologies."