CPEC SEZs to reinforce the pace of industrial development

Following a recent meeting in which both the Pakistani and Chinese governments assessed progress on Special Economic Zones, they shared the belief that SEZs will assist promote economic activity, create jobs, and generate foreign exchange. Special Economic Zones (SEZs), a key component of the CPEC, are projected to usher in a new age of industrial development and economic prosperity in Pakistan in the coming years. Officials from Pakistan’s Board of Investment (BoI) and Chairman of China’s National Development and Reform Commission (NDRC), Ying Xiong, have reaffirmed their commitment to encouraging their businesses to create links with Pakistan’s provincial BOIs and engage in SEZs. The first phase of the Gwadar Free Zone, which covers 60 acres of land, is already operational, while the massive second phase, which covers 2200 acres, is currently under development.

Special Economic Zones, a key component of China Pakistan Economic Corridor (CPEC), is expected to usher in a new era of industrial development and economic growth in the country during days ahead.

As both the Pakistani and the Chinese authorities, at a recent interaction, had reviewed progress on Special Economic Zones, they had a common notion that SEZs would help boost economic activity in the country, generate employment opportunities and earn foreign exchange.

Officials of Board of Investment (BoI) Pakistan and Chairman National Development and Reform Commission (NDRC), China, Ying Xiong, the Zhejiang, Shandong and Guangdong provinces had reiterated to encourage their enterprises to develop linkages with Pakistan’s provincial BOIs and invest in the SEZs.

Pakistan is currently developing five out of nine SEZs nominated under CPEC including Allama Iqbal Industrial City in Faisalabad, Punjab, Dhabeji SEZ in Sind, Rashakai SEZ in Khyber Pakhtunkhwa and Boston SEZ in Balochistan. Another fast-track SEZ is in Gwadar namely Gwadar Free Zone is also under progress.

First phase of Gwadar Free Zone at an area of 60 acre land is already fully functional while the mighty second phase spanning over 2200 acres of land is under construction.

According to the CPEC officials, dozens of Chinese firms were operating at Pakistan’s various economic zones as both the governments were actively engaged to carry forward the SEZ projects and making them operational at the earliest possible.

In recent past, numerous Chinese companies’ representatives had visited Pakistan to discuss some outstanding issues and were informed that all issues on way to make these projects a success, would be resolved on priority.

Pakistan is interested to relocate the Chinese industries in the CPEC SEZs to benefit from the expertise of the companies.