Prime Minister Imran Khan on Friday said that the government is pursuing policies to support expansion of local businesses and promote import substitution and exports.
The prime minister expressed these views after inaugurating the new 100,000 tonnes polyvinyl chloride (PVC) III Plant of Engro Polymer and Chemicals (EPCL), which will enable import substitution of PVC and boost exports as well.
He urged the business community to focus on import substitution and diversification of the export base to support sustainable economic growth of the country. He appreciated the pivotal role played by Engro Corporation and its subsidiaries in different sectors of the economy.
Engro Corporation President and Chief Executive Officer Ghias Khan said: “As a home-grown conglomerate, Engro has always strongly believed in the economic potential of Pakistan and, therefore, we have committed to invest in businesses that help solve some of the most pressing issues of Pakistan.”
“This expansion is a landmark achievement for Engro, and we are confident that it will reshape the petrochemicals landscape of Pakistan. We fully support the government’s ‘Make in Pakistan’ policy to promote export-oriented industrialisation,” he added.
Through enhanced local production, EPCL will now be contributing around $240 million towards import substitution, while the company has exported PVC resin worth $25 million to Turkey and the Middle East markets in 2021.
