ISLAMABAD: Abdul Razak Dawood, Pakistan’s Adviser on Commerce and Investment, announced that a UAE firm will spend $15 million in a special economic zone (SEZ) in Faisalabad.
Abdul Razak Dawood said on Twitter that Brothers Gas of the United Arab Emirates (UAE) has announced a $15 million investment in the Faisalabad Special Economic Zone.
He detailed that the first of the three-phase investment will include the installation of an Aerosol Propellant Gas (APG) plant. Dawood added that the local manufacturing will help reduce Pakistan’s reliance on imported APG.
The adviser said that the plant will also enable the manufacturing of refrigerant gasses and ADNOC lubes for the first time. “The actualization of foreign investments is showing of a conducive business environment which is supported by friendly government policies.”
Dawood appreciated the role of the Board of Investment (BOI) in facilitating the investors.
On December 1, the Prime Minister’s adviser stated that Pakistan’s exports climbed by 33% in November.
According to Abdul Razak Dawood, Pakistan’s exports grew by 33% in November to a historic monthly high of $2.903 billion, up from $2.174 billion in the same month last year, while the target for the month was $2.6 billion.
Dawood had detailed that during the first five months of this current fiscal year, Pakistan’s exports increased by 27 percent to $12.365 billion as compared to $9.747 billion during the same period last year.