Thursday, 08 December 2022, 12:30:22 am
SEZs under CPEC to promote Pakistan’s industrial growth: President
October 04, 2022

President Dr Arif Alvi has said that Special Economic Zones being developed across the country under the 2nd phase of the China Pakistan Economic Corridor would further augment Pakistan's industrial growth.

Addressing the 3rd Roundtable Conference titled "Pakistan Paradise for Investment and CPEC-2030 in Islamabad on Tuesday, he said that Special Economic Zones will also help in the development of transport, infrastructure and energy sectors.

President said that five Special Economic Zones, being developed under the CPEC, would possess state-of-the-art infrastructure and Pakistan would provide all the necessary facilitation in setting up the industry.

He urged the local and foreign investors to fully benefit from the improved Ease of Doing Business in the country and utilize the opportunities being offered by Pakistan's business and investment-friendly policies. 

Dr Arif Alvi highlighted that the investment-friendly policies of the country had already started paying dividends, which had encouraged famous mobile phone brands to invest in the manufacturing and assembling of phones in Pakistan. He also urged the business community to fully utilize and benefit from sectorial policies designed by the government offering incentives like tax breaks, tax refunds, tax reduction, dedicated infrastructure and investor facilitation services.

Terming the CPEC as being reflective of exemplary Pak-China bilateral relations, the President said that huge investments under CPEC would further reinvigorate various sectors of Pakistan's economy, besides attracting investment from friendly countries in different sectors of the Pakistani economy.

He further said that CPEC had already advanced the level of cooperation with Pakistan's all-weather friend China in the infrastructure and energy sectors.

The President said that CPEC has helped Pakistan develop a world-class road network, which would not only improve internal connectivity but would also help forge closer linkages with other countries in the region.

In the energy sector, he highlighted, steps are being taken to improve the transmission and distribution system of the country under CPEC, enhance system reliability, address the chronic problem of circular debt and ensure sustained provision of energy at affordable rates for industrial and commercial activities.

Expressing satisfaction with the multi-dimensional and multi-sectoral work being undertaken by China in Gwadar, the President said that it would help realize the dream of making Gwadar a center for regional trade and investment.

He further said that Gwadar port would be an ideal sea route for trade with Afghanistan and the Central Asian Republics.

He stressed the need for peace in Afghanistan which would ultimately open trade and economic opportunities for the region and neighboring countries.

The President underlined that the government had introduced a comprehensive program for skill development of the youth, especially in the IT sector, with a view to provide a skilled workforce to the local industry and manpower export market.

The Ambassador of China, Nong Rong in his speech said that Pakistan and China enjoy exemplary and all-weather friendship in all sectors and CPEC is one of the manifestations of this cooperation.

He said that China would continue its support to the CPEC projects to ensure that the development work on these projects is carried out with full potential. He said the cooperation between two countries is further being enhanced in the social sector, industry, culture and technology.