The Economic Coordination Committee (ECC) on Saturday allowed a local cement manufacturer to establish a production unit in Iraq. A glass manufacturer has also been allowed to increase investment in the UAE.
The ECC meeting, chaired by Finance Minister Ishaq Dar, approved the proposal submitted by the Finance Division for allowing Attock Cement Pakistan Limited (ACPL) to remit $24 million for the establishment of a cement grinding unit in Basra on account of equity investment, starting from March 2015 onwards. The proposed investment venture is expected to bring foreign exchange through dividends repatriation and growth in clinker exports.
As the ACPL intends to hire 50 per cent of its labour force from outside Iraq, the venture is expected to create employment opportunities for Pakistanis.
The ECC also allowed a proposal by the Finance Division to allow equity investment in the form of purchase of additional shares worth around $2.3 million in Ras Al- Khaima, UAE, by the Pakistani-based firm RAK Ghani Glass Limited.
The ECC also accorded approval for grant of Rs84m for payment of four-month salaries of employees of Printing Corporation of Pakistan.
It also approved a proposal for allocation of gas from TAPI (Turkmenistan, Afghanistan, Pakistan, India) pipeline to the Sui Northern Gas Pipelines Limited. Therefore, 75pc (994mmcfd) of the imported gas from the TAPI project would be allocated for SNGPL in view of shortfall in the northern system, while 25pc (331mmcfd) of it would be allocated to SSGCL.
The ECC also accorded approval to a proposal for allowing import of liquefied natural gas (LNG) by fertiliser plants using SNGPL network with prior permission of the petroleum ministry.
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