One-window operation being launched to facilitate investors: Miftah Ismail

LAHORE: Minister of State and Chairman Board of Investment (BoI) Dr. Miftah Ismail on Monday said that one-window operation was being launched to resolve all issues of foreign investors and attract new investors.

Addressing a meeting of Pakistan Chemical Manufacturers' Association (PCMA) at a local hotel, he said that the budget deficit was 8.2 percent in 2013 which had been decreased to 4.2 percent, adding that the government had decreased the inflation rate to 3.5 percent which was previously 12 percent in 2013.

The minister said that international institutions that declared Pakistan's economy as default were now in praise for Pakistan's economic transformation and termed it a stable economy.

Dr. Miftah Ismail said that the country's foreign reserves had been increased to more than $ 22 billion, adding that during the current year, agriculture growth rate was expected to be 5.5 percent.

He said that annual investment rate had reached to 15.2 percent, whereas 60 percent increase had been achieved in tax revenue since 2013, he maintained.

The minister also stressed the importance of PCMA and the chemical industry in the development and growth of the economy.

Addressing on the occasion, PCMA Chairman Mian Muhammad Adrees said that the meeting between BoI and PCMA would redefine the vision of the chemical industry in Pakistan towards a sustainable growth with self-reliance on chemicals which were currently being imported.

He said the inclusion of PCMA's chemical sub-group into the Joint Working group of the China-Pakistan Economic Corridor was a significant development in this direction, and for this the federal government deserved commendations.

Dr. Miftah said, "We consider PCMA as an integral and strategic stakeholder in the development and growth of economy in Pakistan."

PCMA Secretary General Iqbal Kidwai while presenting the working of the association said that the chemical industry acted as a backbone in the economies of the countries across the world and societies could not grow without developing this important industry.

PCMA's Chief Consultant and Executive Director Tahir Jamal Qadir presented a briefing on Naphtha Cracker and Petrochemical Complex and elaborated the benefits of the project in terms of chemical import substitutions and job openings.

He said that the Crude-Naphtha-Petchem project would create 4,000 jobs for the skilled and semi-skilled professionals in Pakistan, adding that the effect on the downstream chemical industry would also be significant as more chemical businesses would be established.

The meeting delegates were also briefed on the chemical plants and technologies transfer from China.