Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood on Monday lauded Australian inventors for injecting capital into different economical sectors of Pakistan.
During a meeting with a delegation of Fortescue Metals Group Limited, headed by Group Chairman Andrew Forrest, Dawood said that the approach of Fortescue Group was very unique and it would result in the transfer of knowledge and technology to Pakistan.
Adviser to PM ensures Australian investors of help from government
He added that the workforce of Pakistan was quite capable of learning and adopting new technologies quickly and the investment would result in improving the labour market.
The adviser underlined that the Board of Investment (BOI) would act as the focal point for the group and would actively resolve any issues that may arise during different stages of implementation of its plans.
He appreciated the approach of the group for giving employment opportunities to local communities, which was a benchmark of its investment plans in Pakistan.
Our commitment to reducing waste extends beyond our operations to local communities like Port Hedland, where our local team joined Care for Hedland to collect around 480kg of waste, including 62 bags of rubbish.
Read about our approach to waste management: https://t.co/yZB2S5GMVg pic.twitter.com/lM9pAJfvtz— Fortescue Metals (@FortescueNews) September 9, 2020
In the meeting, the Fortescue Group gave a presentation on its proposed plans for investing in Pakistan. It revealed that Pakistan was one of the shortlisted countries, which were being actively explored for investments.
Forrest appreciated the support and enthusiasm of the government of Pakistan.
The investment to be focused on ‘green industry’
He said the investment would focus on green industry, starting from generation of hydroelectric power 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 on the part of the government and local communities, sustainable environmental practices, rapid decision-making and speedy access to markets were the criteria considered for shortlisting Pakistan as a potential investment destination.
Forrest said the investment from Fortescue Group would generate economic opportunities for the local communities, employment and large-scale development of the green industry for the export market and domestic consumption.
Besides, it will result in diversification, broadening and better skills of the workforce in Pakistan.
“Pakistan is one of the few countries in the world ensuring gender balance in employment opportunities,” he said, adding, the group also made a plan to train and employ women to endorse efforts of the government.
Australian firm intends to establish zero carbon emissions technologies
It was informed that the group intends to invest in Pakistan to establish new technologies with zero carbon emissions, particularly green fertiliser and green steel production plants. The company is incorporated in Australia.
Pakistan had been involved in the past in a dispute with Australian company Tethyan Copper over the multi-billion-dollar Reko Diq copper and gold reserve in Balochistan. Fortescue delegation visited some of the possible sites for their ventures.
It was informed in the meeting that the sites in Pakistan have a lot of potential and value in terms of energy source, which can sustain the industry to support the future of Pakistan.
“Pakistan is one of the short-listed countries, which are being actively explored for investments,” a statement said.
“The investment from Fortescue will 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.”
The investment would 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.
Active engagement from the government and 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.
Pakistani workforce ‘quite capable’ of adapting to new technologies
Dawood said the approach of the group is unique and it would result in knowledge and technology transfer to Pakistan.
“The workforce of Pakistan is quite capable of learning and adapting to new technologies quickly and the investment would result in improvement of our labour market,” he said. “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 materialisation of their plans.”
The adviser appreciated the approach of the Australian firm for giving employment opportunities to indigenous communities, which is also a benchmark for their investment plans in Pakistan. Forrest appreciated the support and enthusiasm of the government.
GVS News Desk