Science ministry envisages $1.3 bn exports of chemical products

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ISLAMABAD, Feb 18 (APP):The ministry of science and technology is preparing for the promotion of research and development in the country specifically with reference to bio technology and chemical production to boost the export value of chemicals that are used for different industrial purposes up to $1.3 billion.

Briefing Adviser to the PM on Finance and Revenue Dr Abdul Hafeez Shaikh here on Tuesday, Minister for Science and Technology Fawad Chaudhry said the proposal envisaged a liaison between the business community, different Universities and research institutions.

The ministry is working on a proposal to establish Special Economic Zones to promote research in chemicals and bio-technology, initially in some major cities of the country, said minister for science and technology.

The minister also stated that research and development in the field would not only boost the quality of local production but also has chances to fetch foreign exchange by export. A pilot project shall be started soon, he added.

Hafeez Shaikh appreciated the prospects the project was likely to offer and the role of ministry of science and technology in bringing innovative ideas for the promotion of exports and promoting projects that will help in promotion of investment in research with commercial application.

He assured the Ministry of S&T of all possible coordination and facilitation.
Meanwhile, a delegation of Mitsubishi Corporation also called on the Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here at the finance division.

The delegation gave an update of their new LNG Project terminal which was under construction at Port Qasim.

The delegation briefed the Adviser on the status of progress on the project so far and the status of Import of LNG.

The adviser appreciated the performance of the Corporation and agreed to facilitate the corporation in coordination with the Ministry of Maritime Affairs and Ministry of Petroleum and other stakeholders to bring in valuable investment in the country.