51pc PSM shares likely to be sold to Chinese firms: Jatoi

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Federal Minister for Industries and Production Ghulam Murtaza Jatoi inspecting after Launching “ IEEEP Fair-2015 ” at Expo Center Karachi on 11-08-2015

KARACHI, Aug 11: Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi has said some leading Chinese companies are interested to invest in Pakistan Steel Mills (PSM) and up to 51 per cent shares can be given to them.

“Talks with Chinese companies are going on and the decision to sell up to 51% Pakistan Steel shares might come up in November or December 2015,” the minister told the media after inaugurating four-day 6th IEEEP Fair-2015 at Expo Centre Karachi on Tuesday.

The exhibition has been organised by Institution of Electrical and Electronics Engineers Pakistan (IEEEP). Badar Expo Solutions is the event manager.

Answering a question, Jatoi said the government intends to sell only PSM plants and the attached land, not the vast land allocated for downstream industries around. One thousand acres of land already allotted for an industrial park also belonged to the PSM, he added.

To another query, the minister said except Export Processing Zones and 6 or 7 projects under Pakistan Industrial Development Corporation (PIDC), other organisations/facilities under the Federal Ministry of Industries and Production are included in privatisation schedule.

He appreciated the holding of IEEEP exhibition and said this would help bring in foreign investment in energy sector mainly solar plants.

The Federal government has given many incentives in Punjab especially in solar sector to the local and foreign investors.

Ideal environment for solar plants is available at Cholistan and also fully developed infrastructure was there. He said the government led by Prime Minister Muhammad Nawaz Sharif is committed to provide maximum facilities and incentives to the local and foreign investors in various economic and social sectors of the country.

He cited that industrial zones including Korangi industrial zone are exempted from tax for five-years period.

Jatoi said, unlike the past governments, the PML-N government has given 50 acres of land to Yamaha Motors for setting up assembly plants and the company has so far made a big investment in dollars.

He was confident that as the result of business friendly policies of the government more foreign and local investment will come in various sectors.

 

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