CPEC: Pakistan invites France to invest in SEZs

Islamabad: Pakistan has invited France to invest in the China-Pakistan Economic Corridor (CPEC)’s Special Economic Zones (SEZs).

A French delegation led by Federico Juan Tomas Espana, Honorary Investment Councelor (HIC), France held a meeting with Secretary Board of Investment (BOI) Fareena Mazhar to discuss the investment opportunities.

The Secretary informed the investors about the 22 SEZs and invited the French companies to establish businesses in the already established SEZs under the CPEC or opt for establishing an exclusive SEZ for French companies.

She explained that in order to facilitate international investors in Pakistan, BOI had developed an online database of available 120 projects with federal/provincial governments worth US $ 60 billion.

BOI has also developed incentive database where investors can see the complete set of incentives being offered to any specific sector, she was quoted as saying in an official statement.

Investors are urged to visit the BOI website which is user-friendly, interactive and holds comprehensive and updated information for investors, she added.

Federico Juan Tomas Espana and the French delegates expressed keen interest in investing in the Tourism Sector of Pakistan, particularly setting up ski resorts in Gilgit Baltistan region.

In order to facilitate the French delegation, BOI, in coordination with Gilgit Baltistan government has organized their visit to GB’s five districts including Ghizar, Phandar, Astore, Nagar and Skardu.

Upon their return from GB, the delegation will also meet representatives from the Information and Technology ministry and National Incubation Center (NIC) to discuss areas of mutual cooperation.

The recent development was an outcome of zoom meeting between the HIC and Secretary BOI, held on 21st September, 2021.

During the interaction with the French delegation, Secretary BOI shared that BOI has signed a Memorandum of Understanding (MoU) with Business France for investment cooperation and facilitation, exchange of information and knowledge sharing.

As follow-up, various webinars were held and detailed presentations on investment opportunities, incentives, and policies were delivered by BoI, she maintained.

However, there is a dire need to enhance investment cooperation and coordination, she added.

Fareena Mazhar informed the delegation on the new Investment Strategy 2020-23 which has been launched recently to attract foreign investment in different sectors of the economy.

She underscored that the strategy provides comprehensive investment cycle, consisting of policy advocacy, market research, investment facilitation, promotion, protection including investors tracking, sector scanning and after-care services to investors and projects.