ISLAMABAD: The Board of Investment (BoI) organised a hybrid investment seminar at the Pakistan Pavilion, Dubai Expo, which was attended by local and international business community, physically and virtually.
The business community was apprised on investment policies and potential in Pakistan with a focus on technology, as well as, knowledge economy.
On the sidelines of this seminar, Secretary BoI Fareena Mazhar met with Kashif Maqsood, managing director Brother Gas UAE, one of the leading oil and gas companies in Dubai.
Maqsood attended the seminar with his five-member senior management team and confirmed their plan to set up a bottling plant at the Special Economic Zone (SEZ) in Faisalabad.
The BoI has been facilitating the organisation previously, and has assisted in applying for a plot in Faisalabad SEZ. The BoI’s close coordination with the organisation has resulted in the organisation announcing its plan to invest in Pakistan.
The delegation representing Brother Gas UAE has shared that they will be investing in three phases, with an initial investment of USD 15 million.
The first phase will include setting up a plant in M3 industrial area in Faisalabad, which will serve the local market and facilitate export to the neighbouring markets from Pakistan. It will include industrial gases, with more than 1,000 products.
They will install an Aerosol Propellant Gas “APG” plant, which will be manufacturing the much-needed APG within Pakistan, instead of importing the same.
The investment will help reduce imports and bring FDI through exports to neighbouring countries.
This project will also lead to the introduction of refrigerant gasses and the ADNOC lubes for the first time in Pakistan.
The BOI secretary has termed this potential investment as a major breakthrough for attracting FDI in Pakistan.
Copyright Business Recorder, 2021