A delegation of Fortescue Metals Group Limited, headed by Mr. Andrew Forrest, Chairman of the Group, visited the Board of Investment (BOI) today.
In the meeting, the Fortescue Group gave a presentation on their proposed plans for investment in Pakistan. The Group is renewable energy and green industry developer, financier, and operator, while it intends to invest in Pakistan to establish new technologies with zero carbon emissions, particularly Green Fertilizer and Green Steel production plants.
Over the last two days, the delegation visited some of the possible sites for their ventures.
The meeting was chaired by Advisor to the Prime Minister on Commerce and Investment, Mr. Abdul Razak Dawood, and attended by Chairman BOI, Mr. Atif R. Bokhari, Secretary BOI, Ms. Fareena Mazhar, and the team of BOI.
It was informed in the meeting that the sites in Pakistan have a lot of potential and value in terms of energy sources, which can sustain the industry to support the future of Pakistan. The Group also appreciated the work already being carried out at various visited sites by the government.
During the presentation, Fortescue Group informed that Pakistan is one of the short-listed countries which are being actively explored for investments. The investment will focus on Green Industry, starting from the generation of hydropower and development of industry in the associated land, which would be owned and operated by the Group with the help of local partners.
It was highlighted that active engagement from the government & local communities, sustainable environmental practices, rapid decision-making, and speedy access to markets are the criteria considered for shortlisting of Pakistan as a potential destination.
The investment from the Fortescue Group would result in generating economic opportunities for local communities, employment, and large-scale development of the green industry for the export market and domestic consumption. In addition, it will result in diversification, broadening, and up-skilling of the workforce in Pakistan.
Talking to the delegation, the Advisor to the PM said that the approach of the Fortescue Group is unique and it would result in knowledge and technology transfer to Pakistan. He added that the workforce of Pakistan is quite capable of learning and adapting to new technologies quickly and the investment would result in the improvement of our labor market.
Mr. Dawood underlined that the Board of Investment would act as the focal point for the Group and actively resolve any issues that may arise during different stages of the materialization of their plans. He appreciated the approach of the Group for giving employment opportunities to indigenous communities, which is also a benchmark for their investment plans in Pakistan.
Mr. Andrew Forrest, Chairman of the Group, appreciated the support and enthusiasm of the Government. He added that Pakistan is one of the few countries in the world which is ensuring the gender balance in employment opportunities and said that the Group also plans to train and employ women to endorse the efforts of the Government.
The meeting ended with both sides agreeing to work together for a strong and sustainable partnership to develop green industry and support the future of Pakistan.
Pakistan a Potential Destination for Foreign Investment
Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting here at Finance Division with the delegation of FORTESCUE Metal Group Ltd Australia led by Mr. Andrew Forrest, Chairman of the Group.
The Advisor welcomed the delegation and said that Pakistan’s unique location makes it the best potential destination for foreign investment. He said that Pakistan has one of the biggest coal reserves located in Thar and there are rich copper and gold resources available in the country.
He shared that the country has the best locations for solar power generation and up to 80,000 MWs of hydel electricity production potential is available in the country. With the country’s significant progression on the Ease of Doing Business Index and the promulgation of the Law of Special Economic Zones (SEZ), Pakistan offers investment opportunities in energy, infrastructure, information & communication technology, textiles, apparel, surgical instruments, leather, and footwear. All these sectors offer favorable economic opportunities to the world for investment and trade.
The Advisor offered all possible cooperation from the Federal Government as well as all the relevant provincial and local government organizations to help them start and expand their business in Pakistan and add to the development and prosperity of the country.