CPEC SEZs to be made autonomous to facilitate foreign investment: Finance Minister

Gwadar Pro

Islamabad: Federal Minister for Finance and Revenue Shaukat Tarin has said that the Special Economic Zones (SEZs) being built under the gigantic China-Pakistan Economic Corridor (CPEC) would be made autonomous to provide a conducive environment to the foreign investors.

The minister explained that the autonomous status would initially be introduced in around 6 zones within next 12 months and would be replicated in other zones later.

He mentioned that Pakistan needed to build infrastructure to attract foreign investments. “Since Pakistan was not in position to build such huge infrastructure, so China provided funds and helped us in building roads, railways, power generation, and other infrastructure, which generated economic activity,” he remarked in an interview at United States Institute of Peace (USIP) on ‘Pakistan’s Economic Future.’

Tarin informed that there were 85 companies run by the government out of which 15 were making loses of around one percent of Gross Domestic Product (GDP). “These include airline, railways, steel mill and power distribution companies,” he elaborated.

The minister added that these companies would be disassociated from ministries and their control would be handed over to professional people to overhaul them and within 5 years after privatization. “In developing countries like Pakistan, government had no job to run the businesses,” he contended.

Tarin acknowledged that China had helped Pakistan to build infrastructure. To a question, the minister said that there were some projects where companies from China, United States and Pakistan were engaged joint ventures and collaborating with each other. “This cooperation could be enhanced,” he underlined.

The minister again made it clear that Gwadar port was open to everybody including Europe. “If anybody wants to have business with African countries and Central Asia States, Gwadar is the right place,” he emphasized.

The minister underscored that the government wanted to attract investment form different counties and that was why it had developed infrastructure.

“Gwadar is a big opportunity as it is a unique territory covering Gulf, Central Asian republics and even distance to china is also short from this port. Any country can come and invest. Pakistan has been making efforts to attract people from different countries to invest in CPEC Special Economic Zones. We are also approaching overseas Pakistanis for this purpose,” he stated.

The minister claimed there was no stagnation in growth, the Pakistan economy would grow by over 5 percent during the fiscal year 2021-22.