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A delegation of Trans Polymers Ltd of UK led by its Chairman Mr. Peter
Lloyd-ooper informed Dr. Abdul Hafeez Shaikh Federal Minister for
Privatisation & Investment that his company was planning to establish a
Polyethylene Plant at Karachi at an initial investment of US $ 480 million.
Dr. Abdul Hafeez Shaikh while appreciating the project assured maximum support
to the group and said that attractive investment opportunities were
available in Pakistan for the investors in different fields such as Trading,
Energy, Information Technology & Telecom, SMEs, Mining, Infrastructure,
Tourism, Privatisation of Public Sector Entities and other areas.
The Minister stated that with the continuity of economic policies and good
governance Pakistan has made strong economic progress, which were being
reflected in all key macroeconomic indicators as 60 % (US $ 1.52 billion)
increase in FDI during last financial year, US $ 329 million FDI during
current financial year (July-September), 8.4 % GDP Growth, Exports improved to
US $ 14.41 billion and Forex reserves increased to US $ 12.61 billion.
He further said that 100 % foreign equity ia all sectors was allowed in
Pakistan, with a level playing field for both domestic and foreign investors.
Remittance of royalty, technical % franchise fee, capital, profits and
dividends were also allowed to the investors while foreign investment was
fully protected, he said.
Dr. Hafeez Shaikh hoped that the establishment of Polyethylene Plant in
Pakistan would help in saving the foreign exchange otherwise used for import
of Polyethylene and would also meet the local requirements.
Mr. Peter Lloyd-Cooper Chairman of Trans Polymers Limited informed the
Minister that the plant would have rated production capacity of 310,000 metric
tones per annum and would produce 80 % 248,000 metric tones in the first year
increasing the production to 115 % (360,000 metric tones) in the third year,
which could meet the entire demand of polyolefin in Pakistan. The
construction, commissioning and warranty test of the plant was estimated at 34
months while the project was expected to go into commercial production by the
fourth quarter of 2008, he added.
He further stated that the project would provide 2,000 jobs, particularly to
the skilled manpower with a saving of foreign exchange to about US $ 178
million based on present prices and import level while currently the product
was all being imported.