CPEC: Pakistan developing five SEZs

Lahore: Pakistan is currently developing five out of nine Special Economic Zones (SEZs) nominated under the China-Pakistan Economic Corridor (CPEC), said a senior government official.

Special Economic Zones Authority (SEZA) Chairman S M Naveed elaborated that the SEZs included Allama Iqbal Industrial City in Faisalabad Punjab, Dhabeji SEZ in Sind, Rashakai SEZ in Khyber Pakhtunkhwa and Boston SEZ in Balochistan.

Sharing his views during a meeting here in his office, he added that Special Economic Zones would open up new era of industrial development and economic growth.

Another fast-track SEZ in Gwadar namely Gwadar Free Zone was also under progress, he informed.

He added that the first phase of Gwadar Free Zone at an area of 60 acre land was already fully functional while the mighty second phase spanning over 2200 acres of land was under construction.

Both Pakistani and Chinese authorities 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, he mentioned.

Naveed said that 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, he remarked, was also interested to relocate the Chinese industries in the CPEC SEZs to benefit from the expertise of the companies.

Textile, information technology, agriculture, science and technology, and mining sectors were the key areas in which Pakistan was keen to bring foreign direct investment in a bid to boost exports and to substitute the country’s imports, he underlined and added that the upcoming projects in CPEC would mainly be in these sectors which would act as dual-beneficial tool, cutting down the country’s imports and increasing the exports.

He shared that all the notified SEZs together across the country, account for approximately 10,029.64 acres of industrial land out of which 5,220.62 acres (52 percent) had been allotted to investors for setting up of industry with planned investments of Pakistani Rs 633.9 billion, 43.6 percent of this comprised of FDI component (USD 1.73 billion).

“I believe China-Pakistan Economic Corridor is a rare opportunity for Pakistan to boost its economy and overcome deepening economic recession. Since, the country is facing trade deficit, depleting reserves, a declining rupee value and number of other challenges; this initiative can turn things around leading the country to economic stability,” he told the meeting.