ISLAMABAD: The Punjab Board of Investment and Trade (PBIT) on Wednesday signed a memorandum of understanding (MoU) with Grace Refinery Limited, a major interest of a venture capitalist consortium. According to a handout, Grace Refinery plans to invest $5 billion in Punjab in the coming period as part of an ambitious venture that would have a positive impact on both the economy and local population. The signing of the MoU once again underscored the growing importance of PBIT under the leadership of its Chief Executive Officer Amena Cheema, who has completely revamped the agency since taking office last year. Speaking on the occasion, the PBIT CEO said that all credit for this latest achievement and the overall economic turnaround in Punjab goes to Chief Minister Shahbaz Sharif for his visionary leadership. Over the past few months, the CEO remained in close contact with Grace Refinery, holding several meetings and videoconferences with the management of Grace Refinery and their consultants in UK to convince them to invest in Punjab. Grace Refinery communicated their intentions for investment in Punjab during this week. Subsequent to the decision, a meeting was held at PBIT office in Lahore and an MoU was signed between PBIT and Grace Refinery. Under the MoU, PBIT would act as one window facilitator for Grace Refinery to provide all necessary support and facilitation in setting up its operations in Punjab and Pakistan. The investments made by Grace Refinery would generate 50,000-70,000 new jobs and included a plan to build a new state-of-the-art hospital for the community. Grace Refinery Chief Executive Officer Uzma Bashir spoke about opportunities and prospects offered by Punjab and appreciated the efforts of the PBIT CEO in realizing this investment in Punjab. She underscored the efforts of Grace Refinery management in channelising these funds to Pakistan during this government’s regime. She also briefed that the refinery with 220,000bspd capacity, being designed on Euro 6 standards, was with the vision to place Pakistan on the map of future technologies. She also disclosed that the Grace Refinery management has requested their crude oil supplier to join hands in building an oil pipeline from the source into Pakistan for its feedstock. She expressed confidence and faith in the able management, quick response and governance of the province of Punjab. She also thanked Punjab Industries Secretary Khalid Sherdil for his logistical support while visiting the location of land.