Streamlining of operations in CPEC projects essential for reviving economic activity

THE government on Monday hosted a marketing session for about seventy Chinese companies as it seeks to trigger the second phase of industrial development under China-Pakistan Economic Corridor (CPEC) project.

CPEC Authority Chairman, Khalid Mansoor, highlighted that four out of the nine agreed on special economic zones along with Gwadar Free Zone are not at an advanced stage of development and investment had started populating these SEZs.

We are confident that the very briefing given to the Chinese firms will help attract more investment in the SEZs.

This is the right approach adopted by the government and we will rather suggest that more such briefings should also be organized for the investors of other countries.

Especially our missions abroad should be activated and encouraged to apprise the business communities of the host countries regarding the opportunities that exist in the SEZs.

There is no reason that these investors will feel lured as Pakistan is offering regionally competitive incentives in these zones including ten-year income tax exemption and exemption of customs duty on import of capital goods.

It is also for the government to remove all the hurdles in early operationalization of these zones by provision of all sorts of facilities including those of electricity and gas. The investors must be given assurance that their energy requirements will be fulfilled at all costs.

There is no denying that the first phase of the CPEC has helped the country address its electricity shortage and build a state-of-the-art road infrastructure. Now is the most critical and crucial phase wherein investment will pour in the industrial and agriculture sectors.

These two sectors are very pivotal if we really want to address our longstanding economic woes, create job opportunities for the youth and take the country towards self-reliance.

We have no doubt in saying that our all-weather and time tested friend China will be fully standing by us in this journey.

Hence, the engagement needs to be enhanced with the Chinese authorities at different levels in order to make SEZs a successful model.