FAISALABAD: A sigh of relief for the industries of Faisalabad amid the gas crisis as a UAE-based firm announced to invest $15 million in the city’s special economic zone (SEZ) including the installation of an Aerosol Propellant Gas (APG) plant.
This development was revealed by Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood that a United Arab Emirates (UAE) firm Brothers Gas will invest $15 million in Faisalabad SEZ.
He detailed that the first of the three-phase investment will include the installation of an Aerosol Propellant Gas (APG) plant. Dawood was of the view that local manufacturing will help reduce Pakistan’s reliance on imported APG.
“The plant will also enable manufacturing of refrigerant gasses and ADNOC lubes for the first time.”
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“The actualisation of foreign investments is showing of a conducive business environment which is supported by friendly government policies.”
He appreciated the role of the Board of Investment (BOI) role in investor facilitation.
I am pleased to share that Brothers Gas 🇦🇪UAE has announced investment worth $15M in Faisalabad SEZ. The first of the three phase investment will include installation of an Aerosol Propellant Gas (APG) plant. The local manufacturing will help reduce 🇵🇰Pakistan’s reliance 1/3
— Abdul Razak Dawood (@razak_dawood) December 16, 2021
Earlier in the day, the State Bank of Pakistan (SBP) shared its data, stating that the inflow of foreign direct investment (FDI) has plunged by 12.3 per cent in the first five months of this fiscal year 2021-22.
The central bank reported that Pakistan recorded a total foreign investment of up to $798 million in July-November this year, witnessing a rise of 12.3 per cent during the FY22.
The statistics stated that the FDI alone in November 2021 was $136 million as compared to the outflow of $40 million in November 2020. The monthly data, however, stated a 39 per cent drop in FDI from $223 million in October 2021 to $136 million in November 2021.
Overall FDI inflows during the first five months were increased by 73 per cent from $1,185.4 million against $387.7 million outflows.
Moreover, a downward trend has been recorded in the portfolio investment following the outflow of $236 million in the same period.
Comprising of FDI, portfolio investment and foreign public investment, the total foreign investment stood at $456 million with an increase of $192 million during the period under review as compared to the first five months of the previous fiscal year.