CPEC SEZs to be promoted at Pakistan Investment Summit: BOI chief

Gwadar Pro

Islamabad: Minister of State and Chairman Board of Investment (BOI) Muhammad Azfar Ahsan has said that the Pakistan Investment Summit to be held on March 30-31 would be used to promote the China-Pakistan Economic Corridor (CPEC)’s Special Economic Zones (SEZs).

In a meeting with a three member delegation from Ethiopia led by Ethiopian, State Minister of Foreign Affairs and Ambassador Redwan Hussien here, the Chairman BOI extended an invitation to Ethiopian investors for the Pakistan Investment Summit.

He stated that the Summit would provide an opportunity to market the investment potential of Pakistan, promote sectoral matchmaking, and attract investments in all priority sectors as well as the CPEC SEZs in Pakistan.

Ahsan maintained that Pakistan had a young, digitally equipped population and there are immense opportunities for joint investment cooperation between Pakistan and Ethiopia. “Pakistan considers Ethiopia to be one of the centerpieces of its engage Africa initiative” the Chairman BOI added.

He requested Hussien to encourage Ethiopian businessmen to invest in Pakistan, especially in the SEZs. While introducing the Board of Investment to the delegation, he mentioned that BOI was the secretariat and lead agency for industrial cooperation under CPEC, Regulatory Modernization Initiative and Special Economic Zones.

Elaborating on the investment regime of the country, the Chairman shared that all sectors are open to foreign investors, ensuring uniform treatment to all with 100% foreign equity allowed and borrowing facilities available both from local and foreign banks.

The Chairman BOI added that the Board of investment has developed a database of readily available projects for investment totaling over 120 projects worth US $ 60 Billion $ available in communication and Information Technology, construction, tourism, energy, water treatment, agriculture and fish farming, railways and manufacturing sectors.

He stressed that Pakistan considers Ethiopia to be one of the centerpieces of its Engage Africa initiative while Ethiopia can come to rely on Pakistan as a trusted all-weather partner in the Global South.

These two states have similar structures and developmental experiences which make them perfect partners of one another.

Ethiopian State Minister of Foreign Affairs and Ambassador Redwan Hussien pointed that Ethiopia is set to establish its permanent Mission in Pakistan soon.

He corroborated Chairman BOI’s statement about common areas of interest and potential of the Joint Ventures (JVs) between the two countries and underscored the need to establish a regular mechanism of interaction between business associations and chambers of Ethiopia and Pakistan.

He mentioned value added agro processing and garment manufacturing as sectors of potential investment in Pakistan and said that experience-sharing in poverty alleviation represents promising avenues for both countries.

Hussien warmly accepted the invitation and said that a delegation of Ethiopian investors will participate in the Pakistan Investment Summit.