Asian Precious Minerals (APML) has announced its plans to invest a total of about $400 million in building a new cement plant in Khyber-Pakhtunkhwa (KP). The agreement was inked during a meeting at the Chief Minister’s office between APML executives and KP Chief Minister Pervez Khattak.
According to the statement issued by the British High Commission, the two sides discussed strengthening the trade partnership between the UK and K-P.
In the meeting attended by CM Khattak, Asian Precious Minerals CEO Nadim Khan, Country Manager Irshad Ali Khokhar and Jason Mumtaz of the high commission also took part.
The chief minister said his government has announced a new industrial policy that encourages foreign direct investment in the province. As part of the policy, the government plans to offer several incentives to local and foreign investors.
Khattak lauded the highly conducive atmosphere for investment in the province and stressed that foreign investors could benefit from transparent one-window operations. The CM further expressed that the foreign investors shall not be bound to obtain ‘no objection certificate’ (NOC) from provincial authorities for establishing industrial concerns.
He also offered his support to APML executives, saying his government will facilitate APML in its pursuit of building a state-of-the-art and environment friendly cement plant.
Mr. Khattak called the project a positive sign of competitiveness and greatly improved business climate in the province.
“This British investment will help create local jobs and stimulate the local economy. The UK recognises the dramatic improvements in K-P and I look forward to welcoming more British companies to the province.”
Pakistan has a well-established cement industry with abundant raw material availability in the country. The country ranks 14 in the list of the top cement manufacturers in the world.
However, per capita cement consumption is not that significant. Lower per capita consumption in the country is reflective of considerable room for future growth. Meanwhile, in recent years, infrastructure projects, particularly those being undertaken under the CPEC, have become key drivers for consumption of cement in the country.
Following the trend, many Pakistani cement manufacturers have recently announced expansion plans with investments of over $1 billion to meet the growing demand of cement.
Mr. Nadim Khan, CEO of Asian Precious Minerals, said in a statement:
“We are delighted to be investing in a new cement plant in K-P. 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.”
British Trade Director for Pakistan Belinda Lewis believes improved security and investment environment in Pakistan will play an out-sized role in future growth of 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 opined.
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