ISLAMABAD, (APP):Secretary Board of Investment (BOI) Azher Ali Choudhry hailed the role of Chinese experts for the development of Special Economic Zones (SEZs) to boost rapid industrialization in Pakistan.
He said this in the second meeting of Pakistan China Joint Working Group (JWG) on Industrial Cooperation (IC) held through Video Link, said a statement issued by BOI here on Friday.
The meeting was Co-Chaired by Deputy Director General, of Department of International Cooperation, NDRC Li Xuedong, from the Chinese side, and Secretary Board of Investment (BOI) Azher Ali Choudhry from the Pakistan side. Welcoming the Chinese side, Secretary BOI.
Azher Ali Choudhry, informed that the development of Special Economic Zones (SEZs) will give the much needed boost to rapid industrialization in Pakistan. He emphasized that “we must have a clear cut roadmap for implementation of all the initiatives under industrial cooperation. Giving details of actions taken by the Pakistan side after the 6th JCC meeting, it was informed that after extensive efforts and consultations by the Board of Investment, government of Pakistan has approved an additional incentive package for setting up/relocation of industry in prioritized SEZs and Prioritize Economic Zones (pSEZs) as per recommended in the 6th JCC meeting.
Pakistan side hoped that it would be instrumental in attracting Chinese investment in the zones. Secretary BoI also expressed satisfaction that during visit of Chinese experts who conducted trainings related to SEZs and Industrial Zone development, the Pakistani side has benefited a great deal from the experience and knowledge of the visiting delegation.
The Deputy Director General, NDRC Li Xuedong appreciated the arrangements made by the BOI in facilitating the visits of two delegations from China.It was informed that Industrial Cooperation is a long term cooperation. The Expert delegations were comprehensively briefed on the six sites of prioritized SEZs. It was disclosed that they held intensive discussions with BOI and found that a lot of efforts were made by the Pakistan side.
The Chinese side showed satisfaction over the SEZ Law and the favorable incentives for investors. A number of Chinese investors have shown great interest in investing in M3 Industrial City in Faisalabad, Chinese SEZ Dhabeji, Sindh and†Hattar†SEZ in KP province. It was suggested that based on the willingness of the companies, Pakistan side should develop mechanisms to encourage investment in the SEZs.Chinese side, on the basis of their own assessment, agreed to initially cooperate in the development and promotion of three prioritized SEZs,† M3 Industrial City in Faisalabad, Punjab, Chinese SEZ Dhabeji, Sindh and Hattar SEZ in KP province.
Both sides agreed to promote SEZs by using the available mechanism of parent and sisters cities cooperation arrangements. The Chinese side will cooperate, facilitate and encourage Chinese companies for establishing iconic projects to strengthen the Pak-China bilateral relations.