Islamabad: The Prime Minister of Commerce and Investment Abdul Razak Dawood said that the China-Pakistan Economic Corridor (CPEC) is moving in a new direction for industrial and agricultural development, which requires private sector technology companies to play a greater role.
He said that the government will promote to the greatest extent possible to ensure the establishment of a large-scale manufacturing department and information technology zone under CPEC.
He expressed these views while addressing the the first meeting of the recently re-constituted China Pakistan Economic Corridor (CPEC) Business Council was held under the chairmanship of Abdul Razak Dawood here at Board of Investment.
Minister of State/Chairman, Atif R. Bokhari, Chairman of the Investment Committee, Asim Saleem Bajwa, Chairman of the China-Europe Economic Cooperation Committee, Farena, Secretary of the Bank of India · Mazar (BOI Fareena Mazhar), board members and officials of the Bank of India attended the meeting.
The consultant said that the purpose of the China-Pakistan Economic Corridor (CPEC) Business Committee is to establish ties between the government and the business community, and to develop industrial cooperation between Pakistan and China to a new level in order to achieve mutual benefit.
He further highlighted Pakistan’s potential in petrochemical, steel manufacturing and IT sectors and appreciated the recommendations provided by the members for development of projects in these sectors with the help of Chinese and other potential investors. The BOI Chairman, Aatif R. Bokhari said that the government is fully committed to ensure a business-friendly environment by providing competitive incentives to the industry.
He informed that efforts are being made to achieve the efficiency in Special Economic Zones (SEZs) by placing one window operation matching with the global practices.
“Rashakai would be a model zone to be established, followed by Dhabeji which is uniquely placed and open for local and foreign investors equally” he added.
He further informed that efforts were made to develop SEZs in service sectors and approval was accorded to IT Zones to facilitate information technology and software development. Electronic vehicle and mobile phones manufacturing policies have been introduced and the same could be adopted for hardware manufacturing with support of the private sector, he stated.
Federal Secretary BOI Fareena Mazhar briefed the participants on the role of the CPEC Business Committee and the progress of industrial cooperation, and proposed an initiative to strengthen B2B cooperation under CPEC.
At an earlier meeting, members proposed to incorporate new departments and projects into CPEC.
Others suggest that petrochemical products and their domestic production require a petrochemical cracking unit to be built at a competitive price, and it is the best choice to include this project in CPEC.
At the meeting, the meeting emphasized that the tourism industry can be promoted by providing incentives and financial support.
It was further suggested that one window facilitation for economic zones be made in place under one authority represented by all the concerned ministries to make the country as an investment friendly destination.
Private sector representatives further recommended that RMB transactions should be facilitated for bilateral trade and investment with China.
It was proposed that in addition to business visas, facilitation in getting work visas for foreign experts should be enhanced.
It was recommended that infrastructure development such as manufacturing of hardware in the IT sector would help to grow, expand, and boost the economy.