China to invest in coal sector in Pakistan

ISLAMABAD: A six member delegation of Sino Resources Group Limited, Shaanxi Dingbian Lide Oil well technology Service Limited & China Cultural Heritage Foundation, led by Mr. Jane Geng, Chairman, called on Zia Uddin, Executive Director General of Board of Investment (BOI).

The China Cultural Heritage Foundation members were interested to open up super stores in Islamabad for the availability of Chinese products in Pakistan. This store will promote the Chinese products and culture in Pakistan to create a cultural bonding between the two countries. In this regard, the delegation will meet the competent authority of Capital Development Authority for the allocation of the site and other acquisitions for the super stores.

Sino Resources Group Limited showed its interest in coal processing of removing moisture to turn it into high version coal which is highly efficient in upgrading the commercial value of lignite. The company also gave detailed presentation of the most advanced coiled tubing, drilling & nitrogen stimulation technologies.

Zia Uddin, Executive Director General, Board of Investment appreciated the efforts being made by the company for their investment plans and briefed that in order to attract investment in Thar, a comprehensive incentive package has been developed with consultation from all stake holders, which included: 20% IRR to firms, 30 years exemption on corporate tax, all custom duties on import of coal mining projects allowed at zero% to reduce the initial capital investment, exemption on withholding tax to shareholder etc to reduce the initial capital investment.

The delegates informed that Shaanxi Dingbian Lide Oil well technology Service Limited also intends to invest in infrastructure, mining, gems & stones, gas exploration, cementing etc. The EDG, BOI assured the delegates for all possible support from Board of Investment and the government for their projects in Pakistan.

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