Due to the improved investment regime Royal Vopak, the Dutch Company is going to invest 2.8 billion USD in Pakistan.
A delegation Royal Vopak called on Razak Dawood, Advisor to PM on Commerce, Textile, Industries & Production, and Investment to discuss new opportunities for investment related to Terminal and Storage Facilities of LNG in Pakistan. Royal Vopak N.V. is a Dutch company that stores and handles various oil, chemicals, edible oils, and natural gas-related products all over the world.
Royal Vopak, the Dutch Company to Invest 2.8 Billion USD in Pakistan
Head of the delegation apprised the Advisor that Royal Vopak is going to invest 1.5 billion USD in the land-based LNG terminal facility. The terminal will provide a 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.
The Advisor 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 also added that Pakistan has taken various effective steps to improve investment procedures by establishing better investment facilitation regime in the Board of Investment.
Moreover, the Advisor informed the delegation regarding enormous investment opportunities in technology up-gradation in various sectors 6tthe economy including the chemical sector.
Further, he 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 the investment in these zones to get better returns on their investments.
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