British firm Asian Precious Minerals announced an investment of $400 million for constructing a new cement plant in Khyber-Pakhtunkhwa (KPK). This was decided in a meeting between the company executives and K-P Chief Minister Pervez Khattak.
As per the statement issued by the British High Commission, both the parties discussed the potential of joint trade between the UK and KPK.
Asian Precious Minerals CEO Nadim Khan, Executive Director Peter Frost, Country Manager Irshad Ali Khokhar and Jason Mumtaz of the British High Commission were in the meeting.
The chief minister laid out the province’s new industrial policy, outlining the numerous incentives offered by the government to local and foreign investing bodies. He shared the details with all the attendees in the meeting, pointing to why KPK offers a business-friendly environment for all.
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The chief minister claimed investors could benefit from an end to end, transparent, one-window operation for establishing an industrial concern without the need for a NOC (no objection certificate). He offered his support and commitment in guaranteeing that the British firm’s cement project can proceed without hurdles.
Pervaiz Khattak also called the project a significant sign of greatly enhanced business environment in KPK.
“This British investment will help create local jobs and stimulate the local economy. The UK recognizes the dramatic improvements in K-P and I look forward to welcoming more British companies to the province,” he said.
Cement demand is constantly growing in Pakistan with new framework projects, especially those being embraced under the CPEC (China-Pakistan Economic Corridor). Many national cement makers have reported extension plans with capital investment of up to $1 billion to meet the increasing consumption requirements.
“We are delighted to be investing in a new cement plant in K-P,” said Nadim Khan, CEO of Asian Precious Minerals. “We are able to do this because of the improved law and order situation, the pro-business stance and good governance policy displayed by the provincial government.”
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British Trade Director for Pakistan Belinda Lewis said Asian Precious Minerals had acknowledged the security and investment trends in KPK and Pakistan more commonly and recognized the clear tendency for future development in the country.
“I hope other UK companies will follow the example of APML (Asian Precious Minerals) and also regard Pakistan as a significant investment opportunity,” she commented.