Chinese envoy seeks foreign investment in CPEC economic zones

PESHAWAR: Chinese Ambassador to Pakistan Nong Rong has invited investors from across the world to invest in the Special Economic Zones (SEZs) being established in Pakistan under the China-Pakistan Economic Corridor (CPEC).

Addressing the CPEC Industrial Cooperation Investment Conference organised by the Board of Investment (BOI) in the provincial capital on Thursday, Nong Rong said that China would welcome the participation of other countries in the CPEC framework.

He said both Pakistan and China are mutually working to ensure security, visa facilitation, and other infrastructure facilities in Rashakai SEZ. “The Chinese embassy wants to work closely with BOI and any third party to promote CPEC development,” he added.

Speaking on the occasion, BOI Chairman Atif Bukhari said the second phase of CPEC has just commenced and the BOI would continue to take lead on investment promotion, facilitation, and industrial cooperation.

The BOI chairman invited the business community from not only China but also from other countries to come and invest in Pakistan’s economic sectors.

He noted that the government has already launched conducive policies such as electric vehicle policy, mobile manufacturing policy, construction sector incentives, Special Economic Zone Regulations 2020, and SEZ Zone Enterprise Admin and Sale/Lease/Sub-lease of Plot Regulations 2021, to increase investment in Pakistan.

“Pakistan accords top priority to the development of SEZs under CPEC,” he said, adding that currently, out of the nine CPEC SEZs, two are in advance stage of development, including Rashakai SEZ in Khyber Pakhtunkhwa and Allama Iqbal Industrial City in Faisalabad, Punjab.

Bukhari informed that attractive fiscal incentives are being offered under SEZs such as 10-year tax holiday and custom duty exemption on import of capital goods to both the developer and enterprises housed in the SEZs.

KP Minister for Finance Taimur Jhagra said representatives from a number of countries including Switzerland, and Bosnia are present in the conference which indicates that a lot of countries are showing interest to join this mega multibillion dollar project. He invited the investors to also look into tourism opportunities in the province.

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